(MENAFN) The United States has initiated a sweeping ban on the import of Russian-origin aluminum, copper, and nickel, coupled with coordinated efforts with the United Kingdom to curtail the trade of these metals on international exchanges. The ban, effective from April 13, 2024, encompasses metals produced in Russia, impacting leading commodity exchanges such as the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME), which will cease trading in these materials.
United States Treasury Secretary Janet Yellen emphasized that the new prohibitions aim to undermine Russia's revenue streams, which could potentially fund its ongoing military operations in Ukraine. Yellen further stated that the measures seek to shield United States allies and partners from any adverse repercussions stemming from the conflict.
In response to the ban, Moscow's ambassador to the United States Anatoly Antonov, condemned the move as unjustified and politicized. Antonov warned of potential repercussions, suggesting that the United States decision could disrupt global commodity markets and provoke imbalances.
He noted Russia's intention to explore alternative strategies to mitigate the impact of Western sanctions and diversify its foreign trade partnerships.
Russian Foreign Minister Sergey Lavrov echoed similar sentiments during his visit to China, where he discussed the economic ramifications of unilateral sanctions imposed by the West.
Lavrov emphasized the importance of collaboration within organizations such as BRICS and the Shanghai Cooperation Organization to address the challenges posed by these sanctions and safeguard Russia's economic interests.
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