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Import ban on Russian metal products: USA and Great Britain trade
US and UK extend import ban on Russian metals. New measure aims to reduce Russia's revenue and prevent the Kremlin from engaging in war. Metal exchanges affected. Protection for partners and allies.
Import ban on Russian metal products: USA and Great Britain trade
The USA and Great Britain have announced an extension of the import ban on metal products of Russian origin. The US Treasury Department said the new measure bans imports of aluminum, copper and nickel originating from Russia. This restriction was implemented in cooperation with Great Britain and is aimed at reducing Russia's revenues in order to make it more difficult to continue the war against Ukraine. US Treasury Secretary Janet Yellen emphasized that these measures are intended not only to reduce Russia's revenue, but also to protect partner countries.
The impact of the import bans means that important metal exchanges such as those in London and Chicago are no longer allowed to accept new metals from Russian production. This measure is intended to prevent Russia from investing further money in its military equipment. These decisions are already having an impact on Russia's export sector, as metals are the country's second largest export after energy. In 2022, the value of Russia's metal exports was $25 billion, but this fell to $15 billion last year, based on data from Britain.