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Sunday, May 19, 2024

Taking Actions to Reduce Russia’s Revenue from Metals Trade

The United States, in coordination with the United Kingdom, is today taking additional actions to disrupt Russian revenue from its metals trading by prohibiting the importation into the United States of aluminum, copper, and nickel of Russian origin.  The U.S. Department of the Treasury has also issued a new determination that prohibits the exportation, re-exportation, sale, or supply of warranting services to any person located in the Russian Federation for aluminum, copper, or nickel of Russian origin on a global metal exchange and services to those metals of Russian Federation origin as part of the physical settlement of a derivative contract.

These prohibitions have been narrowly tailored to limit market disruption by exempting Russian aluminum, nickel, and copper that was produced prior to April 13, 2024.

As a result of today’s actions, the London Metal Exchange and Chicago Mercantile Exchange will no longer accept new aluminum, copper, and nickel produced by Russia.  Metal exchanges provide a central role in facilitating the trading of industrial metals around the globe.  By taking joint action, the United States and UK are depriving Russia of revenue needed to fund its illegal war against Ukraine.

The Department of the Treasury actions today were taken pursuant to Executive Orders 14071 and 14068.  For more information on today’s action, see Treasury’s press release.

Official news published at https://www.state.gov/taking-actions-to-reduce-russias-revenue-from-metals-trade/

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