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Russian government allocates 10 billion roubles for buying 50,000 tonnes of aluminium for state reserve


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Russian government allocates 10 billion roubles for buying 50,000 tonnes of aluminium for state reserve

  • Dec. 11,2018

A government decree showed on Wednesday, November 28, that the Russian government may buy up to 50,000 tonnes of aluminium for the state reserve as a move to support sanctioned Russian aluminium giant UC Rusal.

The decree, dated November 26, allocated up to 10 billion roubles or US$ 149 million for the plan, which was the initiative of Russian tycoon Oleg Deripaska, a government source told Reuters. However, the text in the decree did not specify the reason for the potential purchases nor gave a timeframe.

At present, the purchases are considered as a one-off step, according to the government source’s statement to Reuters.
Rusal and its parent company EN+ Group also declined to give out much detail. Russia’s Industry and Trade Ministry were neither very prompt in responding when requested for comment.

In August, Industry and trade ministry Denis Manturov had mentioned that the government had a backup plan if sanctions on Rusal were not lifted, which included buying aluminium for the state reserve.

Maxim Hudalov, an analyst at Russian rating agency ACRA, is, however, of opinion that the volume of 50,000 tonnes for state reserve is small, accounting for 17 per cent of the company’s monthly exports. But can serve as a form of insurance for Rusal if it should face a cash shortage, he added

“In a situation where Western financial institutions refuse to extend credit, there’s a guaranteed buyer,” Hudalov said.
“...As a way to support the liquidity of the company, I think it will be useful. I don’t think the state reserve will actually buy anything, but having the opportunity to realise a delivery will be valuable for the company.”

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