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facing crisis unsold aluminium piles high as sanctions bite Russia continues
to feel the full force of president Trump's sanctions as massive reserves of
unsold stockpile high at aluminium plants across the country rizal one of
Russia's biggest firms has been forced to stockpile the fruits of its labor at
a plant in Siberia after US sanctions prevented it from selling the metal to
its global customer base the massive metal Empire controlled by Oleg
Deripaska accounts for six percent of the world's aluminium but the Russia
giant has been locked out of the 140 billion dollar global industry by
President Trump US customers including the makers of coca-cola cans and car
parts are banned from doing business with rusul and countries like Japan have
followed suit although not considered a part of president Putin's inner circle
mr. Dury paska is being made an example of by the Trump administration his
holding company and plus owns 48% of rusul in a 2017 Bloomberg report
confirmed that fourteen point four percent of that company's revenue one
point four billion dollars came from the u.s. Washington confirmed the crackdown
hit mr. Dury paska and others because they were profiting from a Russian state
engaged in malign activities around the world according to the Bloomberg
billionaires index mr. Dury paska has lost almost fifteen percent of his net
worth about one dollar and ten cents billion dot earlier this week mr. Dury
paska visited his plants in Saiyan ogres for a closed-door meeting with staff
about the crisis consuming his firm back on the show floor Brazil's own storage
space is rapidly filling up with unsold aluminium and company executives and
Saiyan ogres have been forced to rent out additional space to accommodate the
surplus stock a source told Reuters aluminium sales have broken down
and now the surplus aluminium is being warehoused in production areas of the
factory itself a contractor at the Saiyan ogres plant said the stockpiled
ingots stacked on pallets were building up fast he said two days worth of
production would fill up a five car train but already a week had gone by
with aluminium piling up he said can you imagine a week there's a hell of a lot
there a hell of a lot it's being stockpiled it's not being shipped with
the eurozone's top economy facing recession Germany looks set to be the
first country to voice concern over the long-term effect of the US sanctions on
Russian industry dot with German industry in need of raw materials words
chaffs Farina Gong metal a lobbying group for six hundred and fifty five
metals companies has called for politicians to take quick action to
avoid an economic crisis the group said that under the sanctions against United
Corozal some European plants could be forced to close and German car makers
could face supply shortages Kasper bergeron an economist at ABN AMRO Bank
NV told Bloomberg I haven't heard anything up to now from the European
Union or individual countries they're still watching and waiting
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