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The USA and Great Britain have introduced a ban on the import of Russian metals. Trade ban for aluminum, copper and nickel

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Washington and London on Friday banned stock exchanges from trading aluminum, copper and nickel produced by Russia and banned the import of these metals to the US and Great Britain. As both sides assure, the ban does not block bilateral contracts that will be able to continue.

As the heads of the finance ministries of both countries, Janet Yellen and Jeremy Hunt, said in a joint statement, the embargo is aimed at disrupting Russian revenues from metals trade.

Stock exchanges in London and Chicago without products from Russia

The import, export and re-export of aluminum, copper and nickel from Russia will be banned, and these raw materials will also not be able to be traded on the two largest stock exchanges, in London and Chicago.

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However, these restrictions will only apply to raw materials extracted after April 13, when the ban will enter into force. “By taking these actions in a calibrated and responsible manner, we will reduce Russia's earnings while protecting our partners and allies from undesirable consequences,” Yellen said.

Russia is one of the world's largest miners of all three metals, especially aluminum.

Read also: Russian fortunes in Poland are being unfrozen. It's about over a billion zlotys

Main photo source: Shutterstock

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