KINGSTON, Jamaica — The Ministry of Transport and Mining says the United States Embassy in Jamaica has indicated its willingness to assist the Government in its efforts to safeguard the operations of the West Indies Alumina Company (Windalco), amid sanctions imposed by the United States (US) on its Russian-based parent company UC Rusal.

The Embassy is also willing to dialogue with financial institutions to clarify the terms of the sanctions and those transactions permissible under General Licence 14 (GL-14), said the ministry in a release today.

The US sanctions have affected operations at the bauxite company, which is now facing an uncertain future as both local and overseas banks have been allegedly refusing to do business with the company.

The ministry said it also threatens the livelihood of over 1200 Windalco workers and their dependents, as well as the potential export income of Jamaica.

Among other things, the sanctions resulted in the freezing of the assets of seven Russian oligarchs and 12 companies they own or control, and prohibit US persons from dealings with them.

Additionally, non-US persons could face secondary sanctions for knowingly facilitating significant transactions for, or on behalf of the individuals or entities sanctioned.

However, in an update to Parliament on July 24, Mining Minister, Robert Montague said the United States Treasury Department of Foreign Assets Control has indicated that to the extent that the relevant activities of Windalco involve transactions that are consistent with maintenance or wind down of operations or existing contracts under GL-14, “US may continue to engage in those transactions with Windalco through to October 23, 2018” when the licence expires.

The ministry today reported that the Government, in monitoring the situation, is preparing for all possibilities if the sanctions are applied on the October 23 expiration of GL-14.