00486.HK, which is listed on the Russian and Hong Kong markets, has not performed satisfactorily recently due to Russian sanctions, with its Hong Kong shares halving in nearly 10 trading days and falling 60 per cent over that period.
Rusal fell 19.62% to HK $3.77 as of 13Rom 19.
Rusal has continued to adjust recently due to increased market concerns about the local situation. Trading in shares on the Moscow Stock Exchange continued to be suspended on Tuesday, Russia's central bank said on Tuesday night. The exchange's nearly two-day stock trading suspension is the longest temporary suspension since 1998, and the central bank will announce whether to open today at 9am local time (3pm Beijing time) on Wednesday.
As the crisis between Russia and Ukraine intensified, the United States joined forces with Western countries to impose sanctions, and as much as half of Russia's international reserves were frozen abroad. At the same time, Russia's central bank imposed capital controls and banned foreigners from selling securities in Russia. The smooth opening of Moscow stock trading today is still unknown, causing concern in the market.
Rusal issued an announcement on Tuesday morning, referring to the temporary closure of production at the Nikolaev alumina refinery in the Nikolaev region of Ukraine, and that the closure was due to inevitable logistics and transportation challenges in and around the Black Sea.
Rusal said that although alumina production in the area will be severely reduced in the short term, it will not immediately have a broader impact on aluminum production in the relevant aluminum smelters of the Group, and the company is regularly reviewing the future demand for alumina. The announcement also confirmed the market's previous speculation that the conflict between Russia and Ukraine would restrict Rusal's production and business operations.
