Billionaire Oleg Deripaska, owner of Aughinish Alumina in Limerick, hit with sanctions
The Aughinish Alumina Refinery on the Shannon Estuary near Foynes Co Limerick.
The UK has announced sanctions against seven Oligarchs including Russian billionaire Oleg Deripaska.
Oleg Deripaska, an industrialist who has had close links with the British political establishment, is among those hit, along with five others in the updated sanctions list from the British government.
The Aughinish alumina plant in Limerick is owned by Russian billionaire Oleg Deripaska through his company Rusal.
The facility which includes a port is based on the Co Limerick shore is owned by Rusal, a Russian mining-to-manufacturing global conglomerate producing the compound aluminium, as well as aluminium, and other products.
When the West became to impose sanctions on Russia, Rusal Aughinish and the people working there were hoping that they would not be the victims of sanctions.
Rusal employs more than 450 people at Aughinish, which is Europe’s biggest alumina producer, and was responsible for up to a quarter of Rusal’s alumina production last year.
It has faced the fallout of sanctions on its Russian owners over in the past.
Announcing the list of sanctions, UK Culture Secretary Nadine Dorries said on Twitter: "Our priority is to hold those who have enabled the Putin regime to account."
UK Prime Minister Boris Johnson said: "There can be no safe havens for those who have supported Putin's vicious assault on Ukraine.
"Today's sanctions are the latest step in the UK's unwavering support for the Ukrainian people. We will be ruthless in pursuing those who enable the killing of civilians, destruction of hospitals and illegal occupation of sovereign allies."
Separately, the Rio Tinto Group plans to stop supplying bauxite and sourcing alumina from Aughinish spreading fresh turmoil to international metal markets.
Rio has an agreement to supply bauxite to the Aughinish refinery and then take an equivalent amount of alumina once it's processed. Rio ships the alumina to both its own aluminium smelters in Europe and third-party producers. The refinery became a flashpoint for the global aluminium industry in 2018 when previous sanctions on Rusal upended the market.
Rio’s decision to start cutting ties with Rusal’s plant in Ireland came before the UK government said it was sanctioning Deripaska.
Rio is in the process of stopping both shipments, according to a person familiar with the situation who asked not to be identified as the matter is private. It’s not yet clear when the shipments will stop as Rio looks to unwind existing contracts, the person said.
A spokesman for Rio declined to comment.
Chelsea FC owner Roman Abramovich has also been sanctioned by the UK for his links to Vladimir Putin.
Described as a pro-Kremlin oligarch, Mr Abramovich was hit with an asset freeze and a travel ban in an updated sanctions list published on Thursday.
The UK government document says he has had a “close relationship for decades” with the Russian President.
“This association has included obtaining a financial benefit or other material benefit from Putin and the Government of Russia,” it says.
-Additional reporting from Bloomberg
