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Russia’s Rusal considers raising outlook

Russian aluminium producer Rusal said it is considering raising its outlook for the third quarter, despite the ongoing sanctions against Russia and reports that the country's central bank is considering imposing capital controls.

First deputy CEO Vladislav Soloviev also said on Wednesday that the sanctions – imposed by the West following Russia's incursion into neighboring Ukraine - were not having a significant impact on the company.

"We don't see issues around that. We do not feel any painful things," he told CNBC at the "Russia Calling" investment forum in Moscow.

Last month, both the U.S. and the European Union hit Russia with fresh sanctions, and Russian companies now face tougher lending restrictions from western banks. In retaliation, Russia has banned some Western food imports.

Power plant chimneys stand beside a freight wagon yard at United Co. Rusal's alumina
Bloomberg I Getty Images
Power plant chimneys stand beside a freight wagon yard at United Co. Rusal's alumina

The comments come after Rusal returned to profit for the first time in five quarters in the three months to June 30, posting profit of $116 million. The company cited higher aluminium prices, cost cuts and smelter closures as the result's main drivers.

Read MoreRussia weighs capital controls as rouble hits new low

When asked if it might be time to raise the outlook for the next quarter, Soloviev said: "Carefully, yes…. We're slightly bullish."

On Tuesday, Bloomberg reported that Russia's central bank was weighing the introduction of temporary capital controls to limit the outflow of capital from the country. Following the report, the bank released a statement saying: "The Bank of Russia informs that it is not considering the introduction of any kind of restrictions on the cross-border movement of capital."

If such controls were imposed, Soloviev insisted: "I don't see any serious impact on us."

Read MoreRusal CEO:Debt access 'key' to Russian economy

Last week, the country's economy ministry said it expected outflows to rise to $100 billion this year, 64 percent more than in 2013.

Weak rouble

Rusal has also benefitted from the weak rouble, which hit a record low against the dollar on Tuesday following the reports of capital controls. A weaker rouble makes Russian products cheaper in the global market.

"We are in the export industry," Soloviev said. "Any weakness in the rouble gives us a competitive advantage."

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