Russian court rules in favour of Rusal in $1.32 billion lawsuit against Rio Tinto

Legal Dispute - A Russian court has ruled in favor of Rusal in a lawsuit against Rio Tinto, amounting to 104.75 billion roubles ($1.32 billion) [1] - The lawsuit pertains to a joint alumina refinery in Queensland, Australia, which Rio Tinto took sole control of following sanctions imposed on Russia [1][3] Background of the Lawsuit - Rusal filed the lawsuit after losing a case in Australia in 2024 regarding its 20% stake in the Queensland Alumina Ltd (QAL) plant [3] - The Australian government imposed sweeping sanctions in response to Russia's military actions in Ukraine, including a ban on aluminium raw material exports to Russia [3] Control of the Refinery - Following the sanctions, Rio Tinto took full control of QAL, owning 80% of the refinery, which limited Rusal's access to its output [4] - Rio Tinto has no assets in Russia, but the lawsuit includes its subsidiaries that own 66% of the Oyu Tolgoi copper-gold deposit in Mongolia [4] Rusal's Supply Strategy - Due to the alumina export ban and operational suspensions in Ukraine, Rusal sought additional supplies from China and other countries to support its Siberian aluminium smelters [5] - Rusal plans to acquire up to a 50% stake in an alumina plant in India by 2025 and is also planning to build a new 4.8-million-ton alumina plant in Russia's Leningrad region by 2028 [5] Recent Acquisitions - In 2023, Rusal acquired a 30% stake in a Chinese alumina refinery to ensure feedstock for its operations in Russia, Ireland, Jamaica, and Guinea [6]