U. S. preparing sanctions against Russian aluminum
2023.02.06 12:05
U. S. preparing sanctions against Russian aluminum
By Kristina Sobol
Budrigannews.com – As Washington seeks to exert pressure on Moscow regarding its invasion of Ukraine, reported on Monday that the United States is preparing to impose a tariff of 200 percent on aluminum produced in Russia as soon as this week.
According to the report, citing unnamed people who are familiar with the situation, the Russian metal has also been targeted by the United States after being dumped by Moscow on the U.S. market below cost, causing harm to American businesses.
According to the report, the idea for the move has been around for months. In response to Moscow’s military escalation in Ukraine, Reuters reported in October that the Biden administration was considering imposing import restrictions on Russian aluminum.
The Bloomberg report, which cited unidentified people who were familiar with the plans, did not receive a response from the White House.
Both the U.S. Commerce Department and the office of the U.S. Trade Representative did not immediately respond to requests for comment.
The latter agency, which investigates anti-dumping and anti-subsidy cases, imposed a 62.2 percent tariff on Russian aluminum foil imports in September 2021 after determining that it was being sold below fair value.
The London Metal Exchange saw three-month aluminum prices reach a record of over $4,073 per tonne in March, which was in line with other commodities exported by Russia. They have significantly decreased since then, now ranging from approximately $2,441 to $2,500 per tonne this week.
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