WASHINGTON ( AP ) – The U. S. and U. K. may begin restricting the trade of fresh Russian- origin metal– including aluminium, copper and nickel – on global copper markets and in compounds trading.
The Group of Seven countries ‘ pledge in February to “reduce Russia’s income from metals” is being followed up with the news, which is intended to follow up its tense invasion of Ukraine that has lasted for more than two years.
Russia is a major metals supplier, including aluminium, steel, and metal, but British and American authorities, who spoke on condition of anonymity to discuss the announcement, claimed that consumers and producers would not be affected by the ban’s economic effects.
The goal is to reduce Russia’s income from metal, they say, as metals have earned the country$ 40 billion in the past two years, according to American officials.
Treasury Secretary Janet Yellen stated in a press release that “our fresh prohibitions on key metals will continue to be directed at the revenue Russia you generate to maintain its terrible war against Ukraine.”
We may reduce Russia’s revenue while shielding our colleagues and friends from unintended spillover effects by taking this action in a qualified and dependable way, she said.
What Sanctions! Europe Importing Record Levels of LNG Gas From Russia https ://t.co/VBzLFPqIEb
— Breitbart London ( @BreitbartLondon ) August 31, 2023
Officials stated that new Russian metals, including those traded on the Chicago and London Mercantile Exchanges, will not be permitted to trade them. However, metals produced before midnight Saturday in London will be permitted.
The United States and the EU have imposed sanctions on Russia’s largest banks and its elite, frozen the country’s Central Bank’s assets abroad, and barred its financial institutions from the SWIFT bank messaging system.
The U. S. and U. K. have also previously sanctioned Russian gold, gas and diamonds.
