Donohoe indicates support for Aughinish Alumina Plant which has 'strategic importance'

Paschal Donohoe declined to indicate whether the Government would support fresh EU sanctions directed at Russian billionaire Oleg Deripaska, who is a major shareholder in Aughinish Alumina in Limerick

The Aughinish Alumina Plant. File picture

Finance Minister Paschal Donohoe has said he is aware of the “strategic importance” of the Aughinish Alumina Plant and indicated support for it, despite it being owned by a Russian oligarch.

Mr Donohoe, speaking at a press conference declined to indicate whether the Government would support fresh EU sanctions directed at Russian billionaire Oleg Deripaska, who is a major shareholder in Aughinish Alumina in Limerick.

Responding to questions from the Irish Examiner, Mr Donohoe said: “We're very much aware of the exception report the importance of Aughinish both to the local economy, to our own economy, and indeed its role as a strategic supplier to the European Union.

"Myself, the Taoiseach the Tánaiste and Minister Michael McGrath are aware of that importance, and have indicated the support that we have for that investment and for the jobs that are there,” he said.

Mr Donohoe played down concerns expressed by economist David McWilliams that the country is likely to run out of fuel in a couple of weeks.

He said the Government is actively working to manage the supply and while matters are largely outside the control of the coalition, Mr McGrath said the Government has not been notified or aware of any threat to supplies which would result in rationing.

Meanwhile, Ukrainian President Volodymyr Zelenskyy earlier thanked the Irish people for their support for Ukraine but has called on politicians to convince the EU to take greater action against Russia.

Addressing the Oireachtas via video link, Mr Zelenskyy said that since the "very first days" Ireland has supported Ukraine.