United States, United Kingdom widen ban on Russian metals

WASHINGTON—The United States and Britain took joint action on Friday to widen a ban on Russian metals imports in a bid to target the important Russian revenue source following its 2022 invasion of Ukraine.“This new action prohibits the import of Russian-origin aluminum, copper and nickel into the United States,” the US Treasury Department said in a statement.

The action also limits the use of these metals on global metal exchanges and in over-the-counter derivatives trading, building on previous actions taken by the US and UK governments.

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

This photograph taken on April 11, 2024, near the town of Chasiv Yar, in Donetsk region, shows smoke rising from fires after bombing. (Photo by Anatolii STEPANOV / AFP).

Major export These actions would “reduce Russia’s earnings while protecting our partners and allies from unwanted spillover effects,” she added.

The announcement means that metal exchanges like the London Metal Exchange and the Chicago Mercantile Exchange will now be banned from accepting any new aluminum, copper, and nickel produced by Russia, according to the Treasury.

Employees stand next a placard during the launching ceremony implementation of preparatory activities before the construction of power units 5, 6 using the American Westinghouse technology at the Khmelnytsky Nuclear Power Plant (KhNPP) near Ukrainian city of Khmelnytsky on April 11, 2024. Ukraine has launched construction of two US-designed reactors at a nuclear power plant in the west of the country, spurred by devastating Russian attacks on its energy networks. (Photo by Sergei SUPINSKY / AFP).

“Disabling Putin’s capacity to wage his illegal war in Ukraine is better achieved when we act alongside our allies,” Britain’s Chancellor of the Exchequer, Jeremy Hunt, said in a statement.

“Our decisive action with the US to jointly ban Russian metals from the two largest exchanges will prevent the Kremlin funneling more cash into its war machine,” he added.

Metals are Russia’s second-largest export commodity after energy, although the value of those exports has decreased from $25 billion in 2022 to $15 billion last year, according to the UK government’s statement.