Rusal Fears New Russia Metal Sanctions Put 36% of Sales at Risk [BNN Bloomberg (Canada)]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: BNN Bloomberg
Rusal's preliminary estimate is that the sanctions could impact at least 1.5 million tons of its annual sales, compared to its production of 3.8 million tons last year and sales of 4.2 million tons last year, the person said, asking not to be identified as they weren't authorized to speak publicly. As a result, Rusal may be forced to reduce its production, the person said, comparing the situation to the global financial crisis that hit demand sharply in 2008. The assessment is at odds with most western analysts, who have argued that the sanctions on Russian metals imposed on Friday would have limited impact on underlying supply and demand. The US and UK banned new Russian production of aluminum, copper and nickel from being delivered to exchanges including the London Metal Exchange, but the sanctions do not prohibit sales of metal from producers to traders or consumers. Still, many buyers rely on being able to deliver to the LME, and many physical contracts include clauses that
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