The Department of Enterprise, Trade and Employment has said there are currently no indications of any impact on jobs in the Limerick-based Aughinish Alumina plant as a result of sanctions being imposed on Russian billionaire Oleg Derispaska.
It follows the announcement this morning by the UK Government of additional sanctions against a number of Russian oligarchs, including Mr Deripaska.
Mr Deripaska has a large stake in En+ Group, the mining and energy business which owns Rusal, the company that controls Aughinish Alumina
A spokesperson for the department said the Government is keen that the Limerick based facility, which employs around 450 people, continues to operate.
She added that the department will continue to monitor the situation with regard to any potential implications of sanctions to companies in Ireland.
"The UK sanctions have no legal effect in Ireland or the European Union," the spokesperson said.
"Ireland is fully committed to the full implementation of the comprehensive EU sanctions packages adopted to date. "
"The European Union has not introduced any sanctions targeting Mr Deripaska or his holdings."
The spokesperson added that the EU sanctions are elements of the Common Foreign and Security Policy and an EU competence.
"Therefore, Ireland cannot and does not introduce unilateral measures," she said.
Stephen Lavelle of SIPTU, which represents a majority of workers at Aughinish Alumina, said the union is monitoring the situation closely.
"We are in constant contact with management and with our members, and we are monitoring the situation closely.
"If there are any changes to our members' circumstances, then we will look to engage with the company," he added.
Four years ago London listed EN+ and Rusal were hit by US sanctions, which were lifted a year later when Mr Deripaska sold his majority holding in the two businesses.
Mr Deripaska now owns 44.95% of EN+.
Aughinish Alumina is the biggest refinery of alumina in Europe.
Mr Deripaska also owns a multi-million pound property portfolio in the UK and has a net worth estimated to be £2 billion.
Also on the UK sanctions list published today is Chelsea soccer club owner Roman Abramovich and Igor Sechin, the chief executive of Russian oil giant Rosneft.
The sanctions will hit all those listed with asset freezes and travel bans over their links to Russian President Vladimir Putin.
The three billionaires and four other Russian oligarchs are the most high-profile figures to be added to the British sanctions list since Russia's invasion of Ukraine and follows criticism that Britain has acted too slowly.
Britain said they had a collective net worth of around £15 billion.
Others listed include Andrey Kostin, chairman of VTB bank, the second largest bank in Russia as well as Alexei Miller, CEO of energy company Gazprom.
Nikolai Tokarev, the president of the Russia state-owned pipeline company Transneft is also on the list, as is Dmitri Lebedev, chairman of the Board of Directors of Bank Rossiya.
Meanwhile, EN+ Group informed the London Stock Exchange of a change in chairman and composition of its board on Monday.
Former Tory minister Greg Barker is to stand down as chairman. He has chaired EN+ since 2017.
The Institute of Directors in the UK said it was "no longer tenable" for British directors to be involved in the governance of Russian firms.
Aughinish Alumina has not been impacted by the announcement of the sanctions imposed by the UK Government on Oleg Deripraska who has a stake in EN+ Group.
Minister of State for Skills and Further Education Niall Collins, a local TD, said he does not believe recent sanctions will affect operations at the Limerick plant.
"We are designing sanctions to impact Russia and not impact jobs here," he said.
Additional reporting by Petula Martyn