• By The Financial District

Australia Stops Alumina Exports To Russia; Sends Coal To Ukraine

Australia has imposed an immediate ban on exports of alumina and aluminum ores, including bauxite, to Russia, the government said on Sunday as part of its ongoing sanctions against Moscow for its invasion of Ukraine, Reuters reported.

Photo Insert: Russia relies on Australia for nearly 20 percent of its alumina needs.

"Russia relies on Australia for nearly 20 percent of its alumina needs," the Australian government said in a joint statement from several ministries, including the prime minister's office. It added that the move will limit Russia's capacity to produce aluminum, which is a critical export for Russia.

"The Government will work closely with exporters and peak bodies that will be affected by the ban to find new and expand existing markets," the statement said. Anglo-Australian mining giant Rio Tinto owns an 80% stake in Queensland Alumina Ltd. in a joint venture with Russia's Rusal International PJSC, the world's second-largest aluminum producer.

Last week, Australia imposed sanctions on two Russian businessmen with links to its mining industry, one of them being billionaire Oleg Deripaska who holds stakes in QAL.

Australia has so far imposed a total of 476 sanctions on 443 individuals, including businessmen close to Russian President Vladimir Putin, and 33 entities, including most of Russia’s banking sector and all entities responsible for the country's sovereign debt, the statement said.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The government also said it will donate at least 70,000 tons of thermal coal to Ukraine to meet its energy needs. Australian coal producers have been bombarded with calls for supply over the past few weeks from Ukraine and other countries like Poland that have been reliant on Russian supplies.

"The Australian Government has worked with the Australian coal industry to source supplies," the statement said.

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