Rio Tinto the real winner of US sanctions on Russia’s Rusal
Melbourne — Rio Tinto will be among the biggest winners from the US sanctions imposed on Russian aluminium giant United Company Rusal as the penalties shake up the global metals trade and boost costs for US consumers, industry sources said on Monday. On Friday the US imposed the sanctions against businessmen, companies and government officials that are considered associates of Russian President Vladimir Putin in one of Washington’s most aggressive moves to punish Moscow for a range of activities. Rusal, the world’s second-largest aluminium producer, and its former president Oleg Deripaska were included on the list. Rusal said the sanctions "may be materially adverse to the business and prospects of the group". Shares plunged 50% in Hong Kong on Monday. Traders and analysts said the sanctions would accelerate a rerouting of global aluminium shipments that began last month after the US imposed a 10% duty on aluminium imports under the so-called "Section 232" of US trade laws. "It prob...
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