The country has banned the export of alumina to Russia
Commodity prices continue to reflect the impact of the war. Whileoil prices rose again on Monday, aluminum followed suit (+5%) afterAustralia banned exports of alumina and bauxite to Russia. The export ban is intended to impact Russia’s aluminum production, whichrelies on Australian alumina for 20% of its supply, according to the government.
ArcelorMittal and Acerinoxare the top gainers on the Ibex this Monday amid this news, rising 5.55% and 3.85%, respectively.
Days before taking this measure, the Australian government had imposed sanctions on oligarchOleg Deripaska, who holds a stake in Queensland Alumina Limited, a joint venture between Russia's Rusal and mining giant Rio Tinto.
Australian Prime Minister Scott Morrison has said that his government is working with allies to "impose the highest possible cost and exertthe greatest possible pressure on Putin's regimeto withdraw from Ukraine."
According to the leader, Australia has imposed476 sanctions against Russian individuals or institutionssince the invasion began on February 24.
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