U.S., UK Restrict Trade Of Russian Metals

The US and UK will begin restricting the trade of new Russian-origin metals — including aluminum, copper, and nickel — on global metal exchanges and in derivatives trading, as reported by Fatima Hussein for the Associated Press (AP).

The announcement follows up on the Group of Seven (G7) nations’ commitment in February “to reduce Russia’s revenues from metals” as its invasion of Ukraine has continued for more than two years. I Photo: Правительство Российской Федерации Wikimedia Commons

The announcement follows up on the Group of Seven (G7) nations’ commitment in February “to reduce Russia’s revenues from metals” as its invasion of Ukraine has continued for more than two years.

Russia is a key exporter of metals like aluminum, steel, and titanium — but British and American officials, who spoke on the condition of anonymity to preview the announcement, said the economic impact from the ban would be negligible for consumers and producers.

The intent is to limit Russia’s revenues from metals, they say, as metals have earned the nation $40 billion in the past two years, according to British officials.

“Our new prohibitions on key metals, in coordination with our partners in the UK, will continue to target the revenue Russia can earn to continue its brutal war against Ukraine,” said Treasury Secretary Janet Yellen.