The United States, in a coordinated effort with the United Kingdom, has imposed a sweeping ban on imports of Russian aluminum, copper, and nickel. This latest sanction aims to further isolate Russia economically and limit its ability to fund its war in Ukraine.
The ban, announced by the US Treasury Department on April 13, 2024, applies to all aluminum, copper, and nickel produced in Russia on or after today’s date. Metals produced before April 13th are exempt.
The restrictions extend beyond US borders, impacting global metal exchanges. The London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME) will be prohibited from trading Russian-origin metals. This move disrupts a key revenue stream for Russia and could potentially impact global metal prices.
“Our new prohibitions on key metals will continue to target the revenue Russia can earn to continue its brutal war against Ukraine,” said US Treasury Secretary Janet Yellen in a statement.