The countries have set a goal of reducing the Kremlin’s metal revenues.
The U.S. and U.K. have imposed restrictions to reduce Russia’s income from aluminum, copper, and nickel exports.
According to the U.S. Treasury Department, the new measures will ban imports of metals from Russia to the U.S., as well as restrict their use on global exchanges. Earlier, the G7 leaders aimed to reduce Russia’s revenues from metal sales.
“Our new bans on key metals, in coordination with our partners in the U.K., will continue to target revenues that Russia can generate to continue its brutal war against Ukraine,” said Janet Yellen, U.S. Treasury Secretary.
UK Chancellor of the Exchequer Jeremy Hunt emphasized that “the best way to deny Putin the ability to wage an illegal war in Ukraine is to act together with our allies.”
The British government said the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) will no longer trade new supplies of aluminum, copper, and nickel produced in Russia.
