En+:, the controlling shareholder of Rusal, does not deny that he is considering dividing the international assets of Rusal and creating a new non-Russian company.

Rusal announced on March 8 that it had taken note of an article published by Bloomberg on March 4, 2022, claiming, among other things, that EN+, the company's controlling shareholder, had begun a strategic review of the company. The company also notes that En+ issued a statement on this article on March 7, 2022, in which En+ confirmed that it is currently reviewing its strategy for the company. According to En+ 's statement, options under consideration include the possibility of expanding the company's international business. En+ stressed that the strategic review was at an early stage and that any future course of action would need to be further considered and discussed with relevant regulators and key stakeholders.

It was previously reported that:

Rusal, a mixture of Russian and international investors and assets, may become increasingly difficult to maintain as Russian companies are affected by the conflict between Russia and Ukraine. Rusal is considering breaking up Rusal's international business, possibly creating a new company that will hold the group's international assets that will no longer be owned, controlled and managed by Russian investors, according to Bloomberg, citing people familiar with the matter. and another company that holds most of the Russian assets of the existing group.

Rusal is 57 per cent owned by En+. The new company will take over Rusal's alumina, bauxite and aluminium assets around the world, including assets in Africa, Australia and Europe, the sources said. Gregory Barker, chairman of En+, will step down from En+ 's board to focus on the matter and is likely to lead the new company, according to people familiar with the matter.

Among Rusal's international assets is an alumina plant in Aughinish, Ireland, which is a major supplier in Europe, as well as an alumina plant in Jamaica, a stake in Rio Tinto's plant in Australia, and bauxite in Guinea.

The group also owns an alumina refinery in Ukraine, which announced last week that it would stop shipments. Two of them said Ukrainian factories were likely to be included in international assets to be divided.