The US Treasury Department said in a statement, “This new measure prohibits the import of aluminum, copper, and nickel of Russian origin into the United States and limits the use of aluminum, copper, and nickel of Russian origin on global metals exchanges and in over-the-counter derivatives trading.”
Treasury Secretary Janet Yellen explained, “Our new ban on base metals in coordination with our UK partners will continue to target revenues that Russia can earn to continue its brutal war against Ukraine.” She added that these measures “will reduce Russia's profits while protecting our partners and allies from undesirable effects.”
The announcement means that metals exchanges, such as the London Metal Exchange and the Chicago Mercantile Exchange, will be prohibited from accepting any new aluminum, copper and nickel produced by Russia, according to the Treasury Department.
For his part, British Finance Minister Jeremy Hunt said, “Disrupting (Russian President Vladimir) Putin's ability to wage his illegal war in Ukraine can be achieved best when we work side by side with our allies.”
He added, “The decisive action we took with the United States to jointly ban Russian metals from the two largest stock exchanges will prevent the Kremlin from pumping more money into its war machine.”
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