EU business groups reject Russian aluminum penalties

2022-10-28 06:01:34

(MENAFN) According to Reuters, five industrial organizations have called on the EU to avert a prospective ban on Russian aluminum, which they warn will destroy business throughout the EU.

In accordance with a statement issued by the Federation of Aluminum Consumers in Europe, the German federal Association for Economic Development and Foreign Trade, the Italian Foundry Suppliers' Association, the Italian National Association of Steels, Metals, Scrap, Hardware, and the Italian Foundry Association, sanctions on Russian metal could put thousands of businesses out of business.

In a joint dispatch to the EU establishments, they “requested the urgent intervention of the European Commission and of EU member states against threats of bans, high tariffs or sanctions on Russian aluminum which represent an imminent and vital threat to the European aluminum industry.”

After China, Russia is the world's second-largest producer of aluminum. Despite the fact that the critical commodity has not been sanctioned by the West, the US government is apparently exploring a ban on Russian imports, and the London Metal Exchange, the world's largest metal trading hub, is considering pulling Russian aluminum from its system.

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