New ban on Russia from the US and UK

In a statement from the US Department of the Treasury, it was announced that, in coordination with the UK, two new bans have been introduced to disrupt the revenue Russia generates from its exports of aluminum, copper, and nickel.

The statement noted that the import of Russian-origin aluminum, copper, and nickel into the US has been banned, and that the use of these products in global metal exchanges and over-the-counter derivatives trading has been restricted.

The statement further recorded that, within this scope, metal exchanges such as the London Metal Exchange and the Chicago Mercantile Exchange will be prohibited from accepting new aluminum, copper, and nickel produced by Russia.

Pointing out that metal exchanges play a central role in facilitating the global trade of industrial metals, the statement emphasized that by acting together, the US and the UK are depriving Russia of a significant source of revenue.

"WE WILL REDUCE RUSSIA'S EARNINGS"

In the statement, US Treasury Secretary Janet Yellen stated that the new bans on base metals target the revenue Russia could obtain to sustain its war against Ukraine, adding, "By taking this action in a targeted and responsible manner, we will reduce Russia's earnings while protecting our partners and allies from unwanted spillover effects."

A statement from the UK Treasury also reported that Russia's 40 billion dollar exports of aluminum, copper, and nickel are being targeted.

UK Chancellor of the Exchequer Jeremy Hunt, whose remarks were included in the statement, emphasized that it is easier to disable Russia's "capacity to wage its illegal war" in Ukraine when acting together with allies, stating, "Thanks to the UK's leadership in this area, our decisive action with the US to jointly ban Russian metals from the two largest exchanges will prevent the Kremlin from funneling more cash into its war machine."