Russian court rules in favour of Rusal in $1.32 billion lawsuit against Rio Tinto [Yahoo! Finance]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
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Source: Yahoo! Finance
The ruling intensifies a ?legal battle over a joint alumina refinery in Queensland, Australia, that Rio took sole control of ?after Australia imposed sanctions on Russia over its war in Ukraine. The lawsuit was heard in closed session, and its details have not been disclosed. Rusal declined to comment. Rio Tinto was not immediately available. RUSAL SEEKS SUPPLIES FROM ELSEWHERE Rusal filed the lawsuit after ?losing a case in Australia ?in 2024 to restore its rights to a 20% stake in the alumina plant Queensland Alumina Ltd (QAL). Australia responded to the 2022 ?launch of Russia's military campaign in Ukraine with sweeping sanctions, including a ban on exports of the aluminium raw material to Russia. Shortly after the ban was imposed in March 2022, Rio ?took sole control of QAL, sidelining Rusal and cutting its access to ?the refinery's output. Rio owns 80% of the refinery. Rio has no assets in Russia, but among the defendants in Rusal's lawsuit were Rio subsidiaries that
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