Russian oligarch wants to sell two 'problem' assets abroad

Rusal, the Russian aluminum giant tied to oligarch Oleg Deripaska, is quietly seeking buyers for its Windalco alumina complex in Jamaica and its bauxite operation in Guyana, according to people familiar with the matter cited by Bloomberg. The Jamaica plant has capacity of 502,000 metric tons of alumina a year; the Guyana operation, idle since a 2020 labor dispute, has capacity topping 2 million metric tons.

The company says it is not itself under sanctions, but its business has been reshaped by restrictions on Russian metals since the invasion of Ukraine, pushing exports toward China and away from Europe. Rusal has also lost access to alumina sources in Ukraine and Australia, and faces pressure over an Irish plant that reportedly still supplies Russia's military-industrial complex.

Separately, Ukraine has seized and is auctioning off Deripaska-linked assets on its own soil, including the Mykolaiv Alumina Plant, at prices already cut in half.

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