US, UK tighten trade in Russian metals

The US and UK have restricted trading of metals originating from Russia on metal exchanges and in derivatives trading since April 13.

Russian metals including aluminum, copper and nickel will not be allowed to trade on the London Metal Exchange and the Chicago Mercantile Exchange, a move that follows a G7 pledge in February to “reduce Russian metals revenues.”

Russia is a major exporter of metals such as aluminum, steel and titanium, which brought in $40 billion in exports in the past two years. British and American officials say the ban will have little impact on consumers and manufacturers.

Aluminum coils at a factory outside the town of Sayanogorsk, Russia. Photo: Reuters

"By taking this action in a targeted and responsible manner, we will reduce Russia's revenue while protecting our partners and allies from unintended consequences," US Treasury Secretary Janet Yellen said.

Russia's ambassador to the US, Anatoly Antonov, said the move was "an irrational and politicized step" that was bound to backfire. He said Washington was "provoking an imbalance in the global market" by trying to get its allies to join the sanctions.

Since the Ukraine conflict, the US and EU have imposed sanctions on the Russian elite, major banks and frozen the assets of the Russian Central Bank abroad. The US and UK have also sanctioned Russian gold, gas and diamonds.

Russia will continue to take measures to address Western sanctions and diversify its foreign trade. Russian Foreign Minister Sergey Lavrov said he had discussed with Chinese Foreign Minister Wang Yi plans for cooperation within the framework of the BRICS group of emerging economies and the Shanghai Cooperation Organization.

Phien An ( according to AP, RT )

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