WASHINGTON (AP) — The U.S. and U.K. will begin restricting the trade of new Russian-origin metals — including aluminum, copper and nickel — on global metal exchanges and in derivatives trading.
The announcement is meant to follow up on the Group of Seven nations’ commitment in February “to reduce Russia’s revenues from metals” as its invasion into Ukraine has dragged on for more than two years.
Russia is a key exporter of metals like aluminum, steel and titanium — but British and American officials, who spoke on the condition of anonymity to preview the announcement, said the economic impact from the ban would be negligible for consumers and producers.
The intent is to limit Russia’s revenues from metals, they say, as metals have earned the nation $40 billion in the past two years, according to British officials.
“Our new prohibitions on key metals, in coordination with our partners in the United Kingdom, will continue to target the revenue Russia can earn to continue its brutal war against Ukraine,” said Treasury Secretary Janet Yellen in a news release.
Sophie Morgan suddenly quits ITV show Loose Women as she reveals plans for emigration
Uli Hoeneß and Thomas Tuchel expose divisions at Bayern Munich before Real Madrid clash
Long lines form and frustration grows as Cuba runs short of cash
Saudi Arabia is going to sponsor the WTA women's tennis rankings under a new partnership
Channel 4 is set to make major change to Gogglebox 11 years after the show began
Indiana voters to pick party candidates in competitive, multimillion dollar primaries
Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
Uli Hoeneß and Thomas Tuchel expose divisions at Bayern Munich before Real Madrid clash