Ban on Russian metals by the US and UK

RUSSIA / FSU POLITICS - In Brief 15 Apr 2024 by Alex Teddy

On April 12 the announcement was made as part of the drive to reduce revenue that funds the Russian war effort. The metals targeted are nickel, copper and aluminum. The sanctions also reduce the use of these metals in the world metal exchanges and in derivatives trading. The Chicago Mercantile Exchange and the London Metal Exchange will no longer be able to accept any of these metals if they were mined in Russia. This will cause imposing countries to incur a cost to their own exchanges.  The United States Treasury said it has taken this action while considering the need to avoid harming the US economy. After hydrocarbons Russia's main export is metals. The earnings of these exports were USD 25 billion in 2022 down to USD 15 billion in 2023.

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