The US Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed a ban on the import of aluminum, copper, and nickel of Russian origin, as reported by Meduza. This ban prohibits American companies from engaging in any operations involving metals of Russian origin, including export and re-export. The restrictions will not apply to metals from Russia that were produced before April 13, 2024.
In addition to the US, the UK has also decided to restrict the use of Russian aluminum, copper, and nickel on global metal exchanges. The London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME) will no longer accept Russian metals produced after April 13.
Businesses and individuals must be aware of these developments and their potential impact on the global metal market. Staying informed about any further updates or changes to these regulations is crucial to ensure compliance and minimize disruptions in operations.
