German shipping group Oldendorff Carriers stops its business in Guyana, shortly after the United States blacklisted Russian aluminum producer Rusal, which has a plant in the South American country, reports Reuters.
US Blacklists Russia
After United States imposed sanctions against Russia to punish Moscow for its intervention in 2016 U.S. election, which the U.S. Treasury Department dubbed as “malign activity”.
Since then, the world’s two biggest container lines – Denmark’s Maersk and Switzerland’s MSC – have suspended trade with sanctions-hit Russian entities.
Cargo ships respond
Oldendorff, which has a large fleet of dry bulk cargo ships, said in a statement on Friday that it would “fully comply with U.S. sanctions and therefore will be winding up its business in Guyana in a timely manner”, declining to provide any further details.
Disrupt international relations
Rusal, the world’s second biggest aluminum producer behind China Hongqiao Group Ltd, is heavily dependent on its international network of mines and refineries.
Rusal’s 90 percent owned Bauxite Company of Guyana produced 1.05 million tonnes of bauxite – the raw material used to make aluminum – last year.
U.S. sanctions imposed on Rusal have started to cripple the company’s extensive string of international operations from Sweden to Guinea to Australia.
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Source: Reuters
