US and Britain impose new sanctions against Russia

The US Treasury Department, in coordination with the UK, has imposed two new sanctions against Russia. The new restrictions should prevent imports of aluminum, copper, and nickel of Russian origin.

"Our new bans on key metals, in coordination with our partners in the United Kingdom, target the revenues Russia can generate to continue its brutal war against Ukraine," U.S. Treasury Secretary Janet Yellen said, according to the U.S. Department.

"It is easier to deny Putin the opportunity to wage his illegal war in Ukraine if we act together with our allies," Chancellor of the Exchequer Jeremy Hunt said. "Thanks to Britain's leadership in this area, our decisive action with the United States to jointly ban Russian metals from two major exchanges will prevent the Kremlin from funding the war machine," the statement said.

To implement this policy, the U.S. Treasury Department has issued a new decision under E.O. 14068, which prohibits imports of aluminum, copper, and nickel of Russian origin produced on or after April 13, 2024 (the "metals") into the United States. The Treasury also issued a supplemental determination under Executive Order (E.O.) 14071, which prohibits the export, re-export, sale, or supply to any person located in the Russian Federation.

As reported, Russian oil companies have faced months-long delays or even blocking of payments from their foreign buyers. We are talking about payments for oil and its refined products (fuel) exported from Russia to China, Turkey and the United Arab Emirates (UAE). These countries have become more cautious in their dealings with Russia, fearing secondary US sanctions.

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