Govt to buy aluminum from RUSAL for reserves in case of sanctions - Metals & Mining - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Govt to buy aluminum from RUSAL for reserves in case of sanctions

GORKI, Moscow Region, Nov 29 (PRIME) -- The Russian government will buy up to 50,000 tonnes of aluminum or more from UC RUSAL if the companyТs exports are hit with sanctions, Industry and Trade Minister Denis Manturov told reporters on Thursday.

On Wednesday, the government signed a ruling to allocate up to 10 billion rubles for the Federal Agency for State Reserves to buy up to 50,000 tonnes of aluminum for the state reserve.

УThe earmarked money does not suppose active purchases. We have earmarked the money for a case if some restrictions are slapped on supplies of aluminum to external markets. The agency will be able to swiftly use the possibility,Ф Manturov said when asked for comment.

The agency will buy the aluminum at market prices, and the government may reuse the measure if the economic situation or external conditions worsen, he said.

When asked about whether aluminum procurement may exceed 50,000 tonnes, he said, УIt definitely may happen. If they create restrictions, and if storages overflow, the government may consider additional purchases. But again -- that this is not an issue for today, the reserves that we created are only for an emergency case.Ф

The U.S. imposed 25% import duties on steel and 10% on aluminum, including imports from Russia. In April, Washington sanctioned several Russian companies and individuals, including tycoon Oleg Deripaska and his aluminum giant RUSAL.

(66.9436 rubles Ц U.S. $1)

End

29.11.2018 14:15
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 74.3332 +0.0369 23 feb
USD 65.5149 -0.0252 23 feb
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1195.46 +0.58 17:19 22 feb
micex 2480.70 +0.42 17:19 22 feb
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 154.87 +0.89 17:01 22 feb
lkoh 5508.00 +1.11 17:01 22 feb
rosn 401.35 +1.24 17:01 22 feb
sber 205.10 +0.83 17:01 22 feb
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 74.2900 +0.0325 14:59 22 feb
USDTD 65.3725 -0.0925 17:03 22 feb