Money Trump's Russia sanctions have reached all the way to an aluminium refinery in Queensland

07:55  16 april  2018
07:55  16 april  2018 Source:   Business Insider Australia

Australia's ABC gold refinery gets accreditation from Shanghai Gold Exchange

  Australia's ABC gold refinery gets accreditation from Shanghai Gold Exchange Australia's ABC gold refinery, the refining division of Pallion Group, has received accreditation from the Shanghai Gold Exchange (SGE), the group said on Tuesday. All official gold sales within China must occur through the exchange, making it the primary gateway into the world's largest gold market worth over A$341 billion annually, Pallion said.ABC refinery is now one of the seven international companies which have received this accreditation. It is also Australia's only independent refinery accredited by both the London Bullion Market Association (LBMA) and the SGE.

He told Showtime: 'I feel that when you have reached such high status, you have to carry yourself in a classy way . President Donald Trump has repeatedly threatened to pull the U. S . out of the deal and re-impose economic sanctions on Iran.

Rio direct exposure to this risk is demonstrative of the complexities of the trail of complication the US sanctions have opened. Rusal owns 20 per cent of a joint venture called Queensland Alumina Limited. Rio owns the rest and operates a refinery that has capacity of 3.95 million tonnes annually.

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The Trump administration's sanctions on Russia have started to bite into the aluminium interests of Australian miner Rio Tinto.

The company says it is going to declare force majeure -- a standard clause in commercial contracts allowing non delivery due to extraordinary events -- on certain of its contracts.

Last week the US slapped sanctions on seven Russian oligarchs and 17 senior government officials, citing the annexation of Crimea and aggression toward Ukraine, its support of Syrian President Bashar Al Assad, and its “malicious” cyber activities around the globe.

Trump puts the brakes on new Russian sanctions, reversing Haley’s announcement

  Trump puts the brakes on new Russian sanctions, reversing Haley’s announcement After the Kremlin denounced U.S. plans to punish Russia over Syrian attack, the White House announced that a decision about new sanctions had not yet been made.Preparations to punish Russia anew for its support of Syrian President Bashar al-Assad’s government over the alleged chemical weapons attack in Syria caused consternation at the White House. Haley said on CBS News’s “Face the Nation” that sanctions on Russian companies behind the equipment related to Assad’s alleged chemical weapons attack would be announced Monday by Treasury Secretary Steven Mnuchin.

“We will obviously do what we have to do to ensure that we comply with applicable sanctions ,” Alf Barrios, Rio Tinto Aluminium ’ s chief executive, said in Rusal owns 20 percent of Rio’ s Queensland Alumina operation, and Rio owns the remaining 80 percent. According to a Rusal prospectus, its other

(FinancialPress) — The Trump administration has played a new hand of economic sanctions , this time aimed at Russia – its businessmen, companies and government officials. The effect was immediate, as Russian stocks dropped over 10% and its currency, the ruble, dropped a full 4% on Monday.

“Russian oligarchs and elites who profit from this corrupt system will no longer be insulated from the consequences of their government’s destabilising activities,” Treasury Secretary Steve Mnuchin said in a statement.

Rio Tinto reviewed arrangements it has with impacted entities following the US sanctions, announced by the US Treasury Department last week, which included Russian aluminium producer Rusal, a Rio partner.

The company says the arrangements include Rusal’s 20% interest in Queensland Alumina Limited, Rusal’s associated supply and offtake arrangements, bauxite sales to Rusal’s refinery in Ireland and contracts for alumina that are used at Rio Tinto’s smelters, mainly in France and Iceland.

"As a result of the imposition of these sanctions, Rio Tinto is in the process of declaring force majeure on certain contracts and is working with its customers to minimise any disruption in supplies," Rio said today.

"Rio Tinto is fully committed to complying with the US sanctions."

It did not give details on the contracts affected.

Queensland Alumina has been operated near Gladstone in Queensland for more than 50 years.

Syrians and Russians stop inspectors from visiting site of suspected chemical attack .
<p>The confusion emerged as nine inspectors from the Organization for the Prohibition of Chemical Weapons waited in Damascus for permission to visit Duma, a suburb east of the Syrian capital that was attacked on April 7.</p>The delay in obtaining independent confirmation of suspected chemical weapons use came as the White House postponed plans to add sanctions on Russia for what the Trump administration said was its support of Syrian President Bashar Assad's poison gas program.


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