European associations say ban on Russian aluminum will decimate European industry

Five European industry associations said on Monday they had urged EU authorities to prevent sanctions, tariffs or boycotts against Russian aluminium, "which represent an imminent and vital threat to the European aluminium industry."(Reuters)

The statement said those boycotting or calling for measures against Russian metal "are either its main competitors or they enjoy supply options that are not available to the vast majority of the European aluminium value-chain."

For smaller users of aluminium in Europe, measures against Russian metal risked "potentially thousands of company closures and tens of thousands more unemployed in Europe as a direct consequence," it said.

Russia's Rusal produces about 6% of the world's aluminum. In 2018, after the US sanctioned Rusal and the London Metal Exchange blocked its metal, aluminum prices jumped 35% in a matter of days, after which the sanctions were lifted.