Sweden Freezes Rusal Unit's $5.1 Million Account as Zelenskyy Presses EU Supply-Chain Crackdown
Updated
Updated · OCCRP · Jul 2
Sweden Freezes Rusal Unit's $5.1 Million Account as Zelenskyy Presses EU Supply-Chain Crackdown
1 articles · Updated · OCCRP · Jul 2
Summary
Sweden’s tax authority froze 56.8 million SEK, or 5.1 million euros, in Kubal’s tax account after ruling Rusal’s European operations should fall under EU sanctions.
The agency said Oleg Deripaska still ultimately controls Kubal through Rusal and EN+; citing Russia’s 2023 Decree No. 16, it said his effective stake rises to 53% and board voting power to 70%.
Kubal—Sweden’s only primary aluminum producer—has appealed and warned of regional economic damage, while police separately arrested two senior executives in a sanctions-evasion probe.
In Dublin, Volodymyr Zelenskyy used the ruling to press allies to cut supply chains feeding Russia’s war machine, after an overnight strike on Kyiv killed 13 and injured dozens.
The Swedish move increases pressure on Ireland’s investigation into Rusal-owned Aughinish Alumina, which denies its alumina reaches Russian weapons makers, as Greens demand exports stop and the EU review loopholes.
Is a sanctioned Russian oligarch using an Irish plant to build Russian weapons?
Will Ireland risk local jobs to cut off a critical supply line to Russia's military?
Sweden Freezes 56.8 Million SEK from Kubal: How EU Sanctions Are Closing in on Russian-Controlled Aluminum Across Europe
Overview
On July 3, 2026, Sweden froze over 56 million kronor from Kubikenborg Aluminium AB (Kubal) and arrested two executives, acting on the finding that Russian oligarch Oleg Deripaska still controls Rusal’s European operations, including Kubal, despite ownership changes. This move, based on Deripaska’s dominance after Russian Decree No. 16, triggered broader scrutiny of supply chains linked to Russia’s war economy. Investigations revealed that Ireland’s Aughinish Alumina exports raw materials to Russian smelters, which then supply a Moscow trading company connected to sanctioned Russian arms manufacturers, highlighting how European resources may indirectly support Russia’s military industry.