Russian oligarchs with Queensland holdings now facing sanctions | CroweDM
A Russian oligarch excluded from Australian penalties after the invasion of Ukraine is highly likely to be named on the sanctions regime within days amid growing concern about his stake in a Queensland refinery that supplies millions of tonnes of alumina to its Russian investors.
Aluminium is a key material in the production of missiles because of its combination of strength and light weight. The Australasian Centre for Corporate Responsibility said Mr Deripaska owned 44.5 per of a company called En+ Group, which in turn owns 56.9 per cent of Rusal, based on recent checks of ownership registers. It estimates Mr Vekselberg owns 32 per cent of Rusal.
“There are genuine Russian investments in Australian resources and if we are going to have any leverage with sanctions, that is where we will have it,” said Steven Hamilton, assistant professor of economics at George Washington University.
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