21 Mar 2024 10:05

Ukraine completes nationalization of Nikolaev Alumina Refinery

MOSCOW. March 21 (Interfax) - The Nikolaev Alumina Refinery, which was previously owned by Russian aluminum giant Rusal , has been completely taken over by Ukraine's State Property Fund.

The process of nationalizing the refinery was completed on Wednesday, Ukrainian media reported, citing a press release from the fund. "Now the only founder of the enterprise is the State Property Fund of Ukraine," the press release said.

The Nikolaev Alumina Refinery, which once supplied 20% of Rusal's alumina, halted production in March 2022 due to "unavoidable logistics and transport problems in the Black Sea and adjoining territories."

In February 2023, Ukraine's High Anti-Corruption Court ruled in favor of the Justice Ministry in its lawsuit to transfer the refinery and some other businesses that the court deemed to be affiliated with Russian businessman Oleg Deripaska to state ownership. They included mining companies Glukhovsky Quartzite Quarry in Sumy region, Khustsky Quarry in Zakarpatia region, Zhezhelovsky Quarry in Vinnitsia region and a number of other businesses.

Deripaska gave up control of En+ Group, Rusal's principal shareholder, in 2018 in a deal with the U.S. Office of Foreign Assets Control to get these companies out from under U.S. sanctions.