According to the new measures, the United States has prohibited the importing of Russian-origin aluminum, copper, and nickel into the country. Additionally, in collaboration with the United Kingdom, trading of these metals on international exchanges will be restricted.
In a statement, Britain outlined that the LME and CME "will no longer trade new aluminum, copper, and nickel produced by Russia." The measures, which come into effect immediately, aim to prevent UK persons and non-UK persons in the UK from acquiring warrants relating to Russian metal produced after April 12, 2024. However, individuals will still be allowed to take physical delivery of metals outside the UK, provided they were under warrant on a global metal exchange at that time.
The restrictions will exempt existing stocks of Russian metal at the exchanges and will target metals produced in Russia as of April 13, 2024.
US Treasury Secretary Janet Yellen emphasized that the ban is intended to hinder Russia's ability to generate revenue to fund its ongoing war efforts in Ukraine. The measure aims to "reduce Russia’s earnings while protecting our partners and allies from unwanted spillover effects."
Reacting to the decision, Russia's ambassador to the US, Anatoly Antonov, condemned the move as "unjustified and politicized," warning that it would have negative consequences. Antonov accused the US of provoking imbalances in global markets by involving its allies in sanctions against Russia.
Meanwhile, Russian Foreign Minister Sergey Lavrov announced that Moscow would take further steps to bypass Western sanctions and diversify its foreign trade. Lavrov discussed plans to address economic gaps resulting from unilateral sanctions during talks with his Chinese counterpart Wang Yi, emphasizing cooperation within the frameworks of BRICS and the Shanghai Cooperation Organization (SCO). (ILKHA)