WASHINGTON (AP) – The United States and Britain will begin restricting the trading of new Russian-origin metals, including aluminum, copper and nickel, on global metals exchanges and derivatives trading.
The announcement aims to follow up on the G7 countries’ February pledge to “cut Russia’s metals revenues” as the invasion of Ukraine drags on for more than two years.
Russia is a major exporter of metals such as aluminum, steel and titanium, but British and American officials, who previewed the announcement on condition of anonymity, said the economic impact of the ban would be negligible for consumers and producers. Stated.
British officials say the intention is to limit Russia’s income from the metal, which has generated $40 billion in profits for the country over the past two years.
Treasury Secretary Janet Yellen said in a news release: “A new ban on critical metals, in conjunction with our UK partners, continues to target the revenue Russia earns to continue its brutal war against Ukraine.”
“By taking this action in a targeted and responsible manner, we will reduce Russia’s revenues while protecting our partners and allies from unwanted spillovers,” she said.
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Officials said trading of new Russian metals would not be allowed on exchanges including the London Metal Exchange and the Chicago Mercantile Exchange. However, metal produced in London before midnight on Saturday will be allowed.
Since Russia’s invasion of Ukraine, the US and EU have imposed sanctions on Russia’s biggest banks and their elites, frozen the country’s central bank’s assets abroad and excluded its financial institutions from the SWIFT bank messaging system. did.
The United States and Britain have also previously imposed sanctions on Russian gold, gas and diamonds.
