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An Australian federal court docket on Thursday dismissed a lawsuit by Russian aluminum producer Rusal aimed toward restoring entry to produce from the Queensland Alumina refinery, one of many nation’s largest.
Rusal owns 20% of Queensland Alumina Ltd., an organization that’s 80% owned by Rio Tinto (NYSE: RIO) and operates a refinery that converts bauxite into alumina.
The Russian firm and two Russian residents who’re not directly its largest shareholders – Oleg Deripaska and Viktor Vekselberg – turned the goal of sanctions when Russia invaded Ukraine in February 2022.
Rio (RIO) responded to the sanctions by refusing to promote bauxite to Rusal and refusing to let the corporate take alumina cargoes from the refinery, and exercised emergency entry rights that prevented Rusal from extracting financial advantages from the refinery.
Rusal had sought an injunction and damages for the losses suffered by Rio’s (RIO) actions, however the court docket successfully supported Rio’s actions when it rejected Rusal’s declare.