Global Metal Markets Feeling the Squeeze: US and UK Impose Ban on Russian-Origin Aluminum, Copper, and Nickel

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has recently imposed a ban on the import of aluminum, copper, and nickel of Russian origin. This move is part of ongoing efforts to exert pressure on Russia in response to various geopolitical issues.

According to a document published on the department’s website, American companies are now prohibited from conducting operations with metals of Russian origin, including their export and re-export. However, it is noted that metals from the Russian Federation produced before April 13, 2024, are exempt from these restrictions.

Furthermore, both US and UK authorities have decided to limit the use of Russian aluminum, copper, and nickel on global metal exchanges. As a result, the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME) will not be accepting Russian metals produced after April 13.

These developments have significant implications for the global metal industry and are likely to have far-reaching effects on the supply and pricing of these key commodities. It remains to be seen how Russian authorities will respond to these latest sanctions and what impact they will have on the overall market dynamics.