United States Bans Some Metals Imports From Russia

As S&P Global explained, the U.S. government has announced a new ban on the import of aluminum, copper, and nickel coming from Russia. The new policy took effect on April 13 and is part of a larger trade action in partnership with the United Kingdom. That policy also called for trade of those metals to be blocked on the London Metal Exchange and Chicago Mercantile Exchange.

“Our new prohibitions on key metals, in coordination with our partners in the United Kingdom, will continue to target the revenue Russia can earn to continue its brutal war against Ukraine,” said U.S. Treasury Secretary Janet Yellen. “By taking this action in a targeted and responsible manner, we will reduce Russia’s earnings while protecting our partners and allies from unwanted spillover effects.”

The Treasury Department also issued a complementary determination under Executive Order 14071 that prohibits the exportation, reexportation, sale, or supply to any person located in the Russian Federation of (1) warranting services for the metals produced on or after April 13, 2024 on a global metal exchange; and (2) services to acquire the metals produced on or after April 13, 2024 as part of the physical settlement of a derivative contract.

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