WASHINGTON (AP) — The U.S. and U.K. will begin restricting the trade of new Russian-origin metals — including aluminum, copper and nickel — on global metal exchanges and in derivatives trading. The announcement is meant to follow up on the Group of Seven nations’ commitment in February “to reduce Russia’s revenues from metals” as its invasion into Ukraine has dragged on for more than two years. Russia is a key exporter of metals like aluminum, steel and titanium — but British and American officials, who spoke on the condition of anonymity to preview the announcement, said the economic impact from the ban would be negligible for consumers and producers. The intent is to limit Russia’s revenues from metals, they say, as metals have earned the nation $40 billion in the past two years, according to British officials. “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 Treasury Secretary Janet Yellen in a news release. |
Do you live near one? Interactive map reveals the locations of England's 400,000 heritage sites'Sorry, you can't board, off you pop': Traveller reveals how he was caught out by a postBrutalistFour farm silos listed for £200k and they can be converted to a fabulous family homeHumiliation for Saudi Arabia as it's 'forced to scale back $1.5trillion plans for 106Is taking a Nile river cruise in Egypt worth it? I filmed my fiveGlobetrotting couple share stunning photos from visits to 75 countriesIndependent publisher rejected from taking part in Hong Kong Book FairRevealed: The pernickety passport rules Brits NEED to know before the Easter getawayBiden pledges 'relentless diplomacy' on global challenges