The country has banned the export of alumina to Russia.
Commodities continue to price in the impact of the war. While oil rises again on Monday, aluminum rises again (+5%) after Australia banned exports of alumina and bauxite to Russia. The export ban is intended to impact Russia's aluminum production, which is 20% dependent on alumina from Australia, according to the government.
ArcelorMittal and Acerinox are the stocks that have risen the most this Monday within the Ibex in the midst of this news, by 5.55% and 3.85%, respectively.
Days before taking this action, the Australian government had sanctioned oligarch Oleg Deripaska, who has a stake in Queensland Alumina Limited, a joint venture of Russia's Rusal and mining giant Rio Tinto.
Australian Prime Minister Scott Morrison has said his government is working with allies to "put maximum cost, maximum pressure on the Putin regimeto withdraw from Ukraine."
According to the leader, Australia has imposed 476 sanctions against Russian individuals or institutions since the beginning of the invasion on February 24.
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