Following the collapse in shares for Russian Aluminium Company, Rusal, after Washington targeted it with sanctions, the Ministry of Transport and Mining has advised that it is now in consultation with the Ministry of foreign Affairs and Foreign Trade, Windalco, and UC Rusal to ascertain the full impact of such sanctions.

UC Rusal was among 12 Russian companies and their principals who were sanctioned by the United States Government over what authorities considered Russia’s “malign activities around the globe” including military interventions and cyber attacks.

Individuals, companies and governments around the world who do business with Rusal face the risk of being blacklisted by the United States.

The Mining Ministry believes that the situation deserves urgent attention, as the fate of 800 Jamaican workers who are directly and indirectly employed to the Ewarton, St. Catherine plant of the Russian Bauxite Company is at risk.

Rusal owns 93 per cent of the WINDALCO alumina company in Jamaica and operates the Ewarton Works and Kirkvine Alumina Refinery in Manchester. It is the world second largest alumina producer.

It is estimated that Rusal’s primary aluminium output last year accounted for about 6 per cent of global production and 14 per cent of production when China’s production is not factored in.

Since the imposition of the sanctions, aluminium prices have increased dramatically while the value of shares in UC Rusal has dropped to less than half their pre-sanctions levels sending the company and global equities market into great uncertainty.