US, UK impose more sanctions on Russia, targeting metal imports

(MENAFN) In a coordinated effort to curb Moscow's revenues and pressure the Russian government amidst ongoing conflict in Ukraine, the United States and the United Kingdom have announced new sanctions prohibiting the import of aluminum, copper, and nickel of Russian origin. The move, announced on Friday, aims to limit Russia's financial resources that could be used to sustain its military activities in Ukraine.

The US Treasury Department outlined the scope of the sanctions, stating that the new measures not only bar the import of these base metals into the United States but also restrict their usage on global metals exchanges and in over-the-counter derivatives trading. Treasury Secretary Janet Yellen emphasized the collaborative nature of the sanctions, noting that the coordinated action with the UK aims to disrupt Russia's revenue streams while safeguarding allies from the repercussions of continued aggression.

Under the announced sanctions, 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. This move is expected to further constrain Russia's access to international markets and limit its ability to profit from the sale of these strategic resources.

British Finance Minister Jeremy Hunt echoed Yellen's sentiments, highlighting the importance of international cooperation in addressing Russian aggression. He emphasized the need to disrupt President Vladimir Putin's ability to wage war in Ukraine, underscoring the significance of working alongside allied nations to maximize the effectiveness of sanctions.

The imposition of these sanctions represents a significant escalation in the international response to Russia's actions in Ukraine, signaling a concerted effort by Western powers to apply economic pressure and hold the Russian government accountable for its actions. By targeting key sectors of the Russian economy, such as metals exports, the US and UK aim to compel Moscow to reconsider its course of action and pursue diplomatic resolutions to the ongoing conflict.



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.