Rusal's (subsidiaries, Emergofin B.V. and Velbay Holdings Ltd. sent a request to the International Center for Settlement of Investment Disputes (ICSID, Washington, D.C., a branch of the World Bank) regarding the start of the arbitration process against Ukraine, Rusal said in a statement.

"The arbitration relates to Ukraine's expropriation of the Zaporozhe Aluminum Plant ("ZAlK"). It is being conducted under the auspices of the International Centre for the Settlement of Investment Disputes ("ICSID"), part of the World Bank and headquartered in Washington, D.C.," the statement said.

"Ukraine's hostile actions have recently expanded to include sanctions specifically targeting persons and UC Rusal companies related to ZAlK. The ostensible basis for the sanctions is that the targeted persons and companies pose a threat to Ukrainian security. This is not true. The sanctions are in fact direct retaliation for the UC Rusal's attempt to protect ZAlK from expropriation by initiating the ICSID arbitration procedure," Rusal said.