UK Joins US in Metal Embargo Against Russia
Following the US, the UK has also placed an embargo on imports of aluminium, copper, and nickel from Russia.
Transactions involving these metals will be banned from trading on the Chicago and London exchanges, according to statements published Friday, April 12, on the websites of the US Treasury Department and the British government, DW reports.
The US Treasury Department specified that the restrictions do not apply to metals mined before the ban took effect.
Russia produces about 6% of the world's nickel, 5% of aluminium, and 4% of copper. In London Metal Exchange (LME) warehouses, at the end of March 2024, Russian aluminium accounted for 96% of stocks, nickel - 62%, and copper - 36%, Bloomberg notes.
The British government estimates that Russia's metal export revenues have fallen from $25 billion to $15 billion since the full-scale invasion of Ukraine. The measures are intended to reduce this amount further.
Meanwhile, metal imports from Russia remain a key component of trade between Russia and the EU. By the end of 2023, EU imports of Russian metals since the start of the war in Ukraine have totaled 13.7 billion euros.
Among the largest buyers of Russian metals are the Germans from GGP Metal Powder, the French arms manufacturer Safran, and the Dutch logistics company C. Steinweg.
Previously, many experts expressed the opinion that the ban on trade in Russian metals will be included in one of the next EU sanctions packages.
Translation by Iurie Tataru
