There’s good news for the Jamaican bauxite alumina company, Windalco.
The Russian oligarch, Oleg Deripaska, has stepped down as head of its parent company UC Rusal.
This is one of the last remaining hurdles for UC Rusal to avoid impending US sanctions.
Steel Industry watchdog, Alumina Insider, says Mr. Deripaska last week announced he was stepping away from the company.
The company says the move was made as part of a larger initiative to protect itself from the sanctions.
Mr. Deripaska was one of several Russian oligarchs who were targeted for sanctions in April this year by the United States Treasury Department.
The sanctions against UC Rusal were to come into effect on October 25.
However, they were later postponed till December 11 to give the company more time to part ways with Mr. Deripaska.
Windalco, located in Ewarton St. Catherine has been severely affected by the threat of sanctions.
Almost 1200 Jamaicans are dependent on Windalco for their economic survival.