Russian Aluminum Giant Rusal Tumbles on Fresh Sanction Fears
- Rusal drops as much as 22% as Ukraine escalation fuels risks
- Crisis rocks commodities, with nickel and aluminum soaring
A 'Made in Russia' tag on a bound stack of aluminium ingots in the foundry at the Khakas aluminium smelter, operated by United Co. Rusal, in Sayanogorsk, Russia in May 2021.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
A Russian aluminum giant with experience of handling U.S. sanctions just took a hammering.
United Co. Rusal International PJSC tumbled as much as 22% in Hong Kong as investors monitored the dramatic escalation in the West’s stand-off with Moscow over Ukraine. That’s the biggest fall since April 2018, when Rusal was hit by an earlier round of U.S. sanctions in response to what the U.S. Treasury then called Russia’s “malign activity around the globe”.