Washington and London have banned metals trading exchanges from accepting new Russian-made aluminum, copper and nickel and banned imports of these metals into the US and UK.
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Reuters reports this.
Russia is a major producer of aluminum, copper and nickel, so these measures are aimed at eroding Russian export revenues as Moscow continues to encroach on Ukraine.
Our new bans on key metals, in coordination with our partners in the UK, will continue to target the revenue that Russia can generate to continue its brutal war against Ukraine,” said US Treasury Secretary Janet Yellen.
Thus, the London Metal Exchange and the Chicago Mercantile Exchange are prohibited from accepting Russian aluminum, copper and nickel produced starting from April 13, 2024.
Metals exchanges play a central role in facilitating trade in industrial metals around the world, the US Treasury notes.
Source: Reuters
Source: Racurs
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