Breaking news US, UK Take Measures To Restrict Trade Of Russian-Made Metals Lastminute news

Action prohibits import of Russian origin aluminum, copper, nickel into US, limits their use in global metal exchanges, over the counter derivatives trading.

The US and the UK introduced new measures Friday aimed at disrupting Russia's income generated from exporting metals.

"Today, the U.S. Department of the Treasury, in coordination with the United Kingdom, issued two new prohibitions to disrupt the revenue that Russia earns from its export of aluminum, copper, and nickel," the US Treasury Department said in a statement.

It said the new action prohibits the import of Russian-origin aluminum, copper, and nickel into the US and limits their use in global metal exchanges and over-the-counter derivatives trading.

"Our new prohibitions on key metals, in coordination with our partners in the United Kingdom, will continue to target the revenue Russia can earn to continue its brutal war against Ukraine," said US Treasury Secretary Janet Yellen. "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."

"Disabling (Russian President Vladimir) Putin's capacity to wage his illegal war in Ukraine is better achieved when we act alongside our allies," said Jeremy Hunt, UK Chancellor of the Exchequer.

"Thanks to Britain's leadership in this area, our decisive action with the U.S. to jointly ban Russian metals from the two largest exchanges will prevent the Kremlin funnelling more cash into its war machine," he added. -
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