US and UK Expand Ban on Russian Metals

Washington has banned the import of aluminum, copper, and nickel of Russian origin into the United States as part of additional sanctions taken with the United Kingdom aimed at reducing Moscow's revenue. The U.S. Treasury Department stated that "this new measure prohibits the import of aluminum, copper, and nickel of Russian origin to the United States and limits the use of Russian-origin aluminum, copper, and nickel in global metal exchanges and in over-the-counter derivatives trading." Treasury Secretary Janet Yellen clarified that "the new ban we imposed on essential metals in coordination with our partners in the United Kingdom will continue to target the revenues that Russia can earn to sustain its brutal war against Ukraine." She added that these measures "will reduce Russia's profits while protecting our partners and allies from unwanted effects." This announcement means that metal exchanges, such as the London Metal Exchange and the Chicago Mercantile Exchange, will be prohibited from accepting any new aluminum, copper, and nickel produced by Russia, according to the Treasury Department.