The government of USA announced this Friday, in a joint decision with the United Kingdomwhich will prohibit the import of metals Russians with the aim of “disrupt” the financing of the war in ukraine.
Specifically, the measure prohibits taking to the US. “aluminum, copper and nickel” produced in Russia, as well as banning metal exchanges, including the Chicago Mercantile Exchange (CME) and the London Metal Exchange (LME), the Treasury Department explained in a statement.
“By taking this action specifically and responsibly, we will reduce Russia’s gains while protecting our partners and allies from unwanted side effects.”said US Treasury Secretary Janet Yellen in a joint message with her British counterpart, Jeremy Hunt.
By banning both the import and trading of metals on stock markets, the US and the UK hope to deprive “Russia and its metal producers an important source of income”the statement highlighted.
To avoid market disruption as much as possible, the announced sanctions do not affect Russian metal produced before April 13.
Since the start of the Russian invasion of Ukraine in February 2022, the US has sanctioned hundreds of companies and individuals, as well as isolating Russia from the global financial market.
Source: Gestion
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