OSLO – Aluminium maker Norsk Hydro may declare a force majeure on contracts it has with Russia's United Company Rusal due to recently imposed US sanctions, the Norwegian company said on Friday.
"Hydro has notified Rusal it may be necessary to declare force majeure on certain contracts, as the company could be prevented from upholding its obligations due to the US sanctions list issued on April 6, at least from June 5," it said in a statement.
"Hydro estimates the potential impact on its production and customers would not be significant, neither upstream nor downstream," the company added.