Rusal has initiated a contingency plan asking their customers to pay in euros rather than dollars in order to try and avoid U.S. sanctions according to sources.
The new strategy follows the example of Iran, as the country decided to use oil, gold and Japanese yen to pay for goods which would have normally been priced in dollars a few years ago.
One of Rusal’s top shareholders states that Rusal has activated a defense plan like that of Iran and refused to name said banks which would process the transactions.
The U.S. Treasury last week imposed sanctions on 7 Russian oligarchs and 12 companies they control or own, stating that they were profiting from a Russian state engaged in “malign activities” around the world.
Rusal, which is the largest producer of aluminimum after China, have already experienced positive international aluminium prices which have grown approximately 16% to USD $2,307 per tonne as against USD $1,990 a tonne in April 2017.