Australia has banned all alumina exports to Russia to curtail its ability to make aluminium, a key material needed in the construction industry and the manufacturing of weapons and munitions. Oleg Deripaska, an oligarch who holds a large stake in Rusal’s majority shareholder, has also been added to Australia’s list of sanctioned businessman.

“As a result of the Australian Government’s sanction measures, Rio Tinto has taken on 100 per cent of the capacity and governance of Queensland Alumina Limited until further notice,” the company said.

Rio Tinto, the 80 per cent owner of the refinery, is among a growing number of businesses in Australia and worldwide seeking to sever commercial ties with Russian businesses following the invasion of Ukraine.

The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.