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U.S. and U.K. crack down on Russian metals trade
By James Politi and Claire Jones
Financial Times, London
Friday, April 12, 2024
The U.S. and the U.K. have launched a crackdown on trades in Russian metals, in a move designed to limit Moscow's export revenue and restrict its ability to fund the war in Ukraine.
The action, announced by the two countries today, marks an aggressive effort by the allies to damage Russia's income -- but could disrupt trading at exchanges including the London Metal Exchange and Chicago Mercantile Exchange.
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"Our new prohibitions on key metals, in co-ordination with our partners in the United Kingdom, will continue to target the revenue Russia can earn to continue its brutal war against Ukraine," said Janet Yellen, the U.S. Treasury secretary.
She added that the U.S. and U.K. were "taking this action in a targeted and responsible manner" in order to protect "our partners and allies from unwanted spillover effects."
The action will affect trade in aluminium, nickel, and copper. ...
... For the remainder of the report:
https://www.ft.com/content/ab9157d5-b47f-408f-b1fb-0ee9bd7a823c
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