Rio Tinto will not need to consult its Russian partner when making operational decisions at their shared alumina refinery in Queensland and may enjoy an economic windfall, after executing a “step-in” rights related to sanctions on Russian businesses and billionaires.

Russian aluminium company Rusal will retain its 20 per cent ownership stake in the Australian company that owns the alumina refinery –Queensland Alumina – but will effectively be a silent party with no power to influence operational or maintenance decisions.