The US and UK restrict the trade of Russian-origin metals
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
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.
