{"id":63936,"date":"2024-04-12T17:12:01","date_gmt":"2024-04-13T00:12:01","guid":{"rendered":"https:\/\/lapost.us\/?p=63936"},"modified":"2024-04-12T17:12:01","modified_gmt":"2024-04-13T00:12:01","slug":"united-states-and-united-kingdom-take-action-to-reduce-russian-revenue-from-metals","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=63936","title":{"rendered":"United States and United Kingdom Take Action to Reduce Russian Revenue from Metals"},"content":{"rendered":"<div class=\"date-format field field--name-field-news-publication-date field--type-datetime field--label-hidden field__item\"><time class=\"datetime\" datetime=\"2024-04-12T21:00:00Z\">April 12, 2024<\/time><\/div>\n<div class=\"clearfix text-formatted field field--name-field-news-body field--type-text-long field--label-hidden field__item\">\n<p class=\"text-align-center\"><em>New Prohibitions Issued on Aluminum, Copper, and Nickel<\/em><\/p>\n<p>WASHINGTON \u2014 Today, the U.S. Department of the Treasury, in coordination with the United Kingdom, issued two new prohibitions to disrupt the revenue that Russia earns from its export of aluminum, copper, and nickel.<\/p>\n<p>This new action prohibits the import of Russian-origin aluminum, copper, and nickel into the United States, and limits the use of Russian-origin aluminum, copper, and nickel on global metal exchanges and in over-the-counter derivatives trading. This action solidifies Treasury\u2019s follow through on the\u00a0<a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2024\/02\/24\/g7-leaders-statement-7\/\">G7 Leaders\u2019 Statement<\/a>\u00a0to reduce Russia\u2019s revenues from metals.<\/p>\n<p>\u201cOur 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,\u201d said Secretary of the Treasury Janet L. Yellen. \u201cBy taking this action in a targeted and responsible manner, we will reduce Russia\u2019s earnings while protecting our partners and allies from unwanted spillover effects.\u201d<\/p>\n<p>\u201cDisabling Putin\u2019s capacity to wage his illegal war in Ukraine is better achieved when we act alongside our allies,\u201d said Jeremy Hunt, United Kingdom Chancellor of the Exchequer. \u201cThanks to Britain\u2019s leadership in this area, our decisive action with the U.S. to jointly ban Russian metals from the two largest exchanges will prevent the Kremlin funnelling more cash into its war machine.\u201d<\/p>\n<p>To implement this policy, Treasury has issued a\u00a0<a href=\"https:\/\/ofac.treasury.gov\/media\/932796\/download?inline\">new\u00a0determination<\/a>\u00a0under E.O. 14068 prohibiting the importation into the United States of aluminum, copper, and nickel of Russian Federation origin produced on or after April 13, 2024 (the \u201cmetals\u201d). \u00a0Treasury also issued a\u00a0<a href=\"https:\/\/ofac.treasury.gov\/media\/932801\/download?inline\">complementary determination<\/a>\u00a0under Executive Order (E.O.) 14071\u00a0that prohibits\u00a0the exportation, reexportation, sale, or supply\u00a0to any person located in the Russian Federation of (1)\u00a0warranting services for the metals produced on or after April 13, 2024 on a global metal exchange\u00a0and (2) services to acquire the metals produced on or after April 13, 2024 as part of the physical settlement of a derivative contract.<\/p>\n<p>As a result of today\u2019s collective actions, metal exchanges, like the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME), will be prohibited from accepting new aluminum, copper, and nickel produced by Russia. Metal exchanges provide a central role in facilitating the trading of industrial metals around the globe. By taking joint action, the United States and UK are depriving Russia and its metals producers of an important source of revenue.<\/p>\n<p>For more information on the implementation of today\u2019s action, please see OFAC\u2019s\u00a0<a href=\"https:\/\/ofac.treasury.gov\/recent-actions\/20240412_33\">Frequently Asked Questions 1168 through 1172<\/a>.<\/p>\n<p><a href=\"https:\/\/ofac.treasury.gov\/media\/932796\/download?inline\">Click here to read the Determination under E.O. 14068: Prohibitions Related to Imports of Aluminum, Copper, and Nickel of Russian Federation Origin<\/a>.<\/p>\n<p><a href=\"https:\/\/ofac.treasury.gov\/media\/932801\/download?inline\">Click here to read the Determination under E.O. 14071: Prohibitions on Certain Services for the Acquisition of Aluminum, Copper, or Nickel of Russian Federation Origin<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>April 12, 2024 New Prohibitions Issued&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,7,5],"tags":[],"class_list":["post-63936","post","type-post","status-publish","format-standard","hentry","category-business","category-u-s-a","category-world"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/63936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63936"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/63936\/revisions"}],"predecessor-version":[{"id":63937,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/63936\/revisions\/63937"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}