2LT International News

WASHINGTON, D.C.: As Moscow’s invasion into Ukraine has dragged on for more than two years, the U.S. and the UK will begin restricting the trade of new Russian-origin metals on global metal exchanges and in derivatives trading.

Russia is a key exporter of metals such as aluminum, steel, copper, nickel, and titanium, which the ban will cover.

The announcement follows the Group of Seven nations’ commitment in February “to reduce Russia’s revenues from metals” and limit its revenues from metals, which have earned the country $40 billion over the past two years.

In a news release, U.S. Treasury Secretary Janet Yellen said, “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 .”

“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,” she added.

When the new rule comes into force, new Russian metals cannot be traded on the exchanges, including the London Metal Exchange and Chicago Mercantile Exchange. However, metals produced before midnight on Saturday in London will be permitted.

The U.S. and UK have sanctioned Russian gold, gas, and diamonds.