MOSCOW, Feb 24 (Reuters) - Russia's aluminium producer Rusal 0486.HK cancelled a placement of yuan and rouble bonds on Monday, market sources said, after the EU banned primary aluminium imports from Russia as part of a new sanctions package.

The European Council included the aluminium ban in its 16th sanctions package against Russia but introduced a quota for aluminium imports from Russia of 275,000 tons for a 12-month period to ease the transition.

The EU imported about 344,000 tons of primary aluminium from Russia in 2024. The EU Commission said Russian aluminium accounted for only 6% of total imports of the metal in 2024, compared to 16% in 2020.

Hong Kong-listed Rusal was planning to offer investors bonds worth 500 million yuan($68.97 million) with settlements in roubles, as well as 10 billion roubles ($113.74 million) in rouble bonds.

Rusal, the world's largest aluminium producer outside China, declined to comment.

Rusal, which is not subject to direct Western sanctions, has been seeking to diversify sales towards Asian markets. In the first half of 2024, the share of Europe in Rusal's revenues stood at 22%, down from 31% previously.

"It is obvious that despite all efforts to reduce Rusal's dependence on trade with the EU, the 16th package will significantly impact the company's finances," said Renaissance Capital debt market analyst Vladimir Vasilenko.

The bond market currently offers Russian firms more attractive interest rates compared to bank loans, which have become unaffordable for many after the central bank hiked its key interest rate to 21% last year.

($1 = 7.2496 Chinese yuan renminbi)

($1 = 87.9205 roubles)

(Reporting by Elena Fabrichnaya and Anastasia Lyrchikova; writing by Gleb Bryanski; editing by Christina Fincher)

((gleb.bryanski@thomsonreuters.com;))