New U.S. Sanctions Also Affect Russian Metals

by | 24. Feb 2023 - 14:41 | General, Politics

The US has announced new sanctions against Russia on the anniversary of the attack on Ukraine. These are directed against more than 200 individuals and entities from Russia as well as third countries, and are done in coordination with G7 partners and allies. The Russian metal and mining sector is also affected by the sanctions. Higher tariffs are to be imposed on more than a hundred metals, minerals and chemical products worth around $2.8 billion. Russia is among the world’s largest producers of nickel, titanium, palladium and aluminum.

Export controls will also be imposed on nearly 90 companies from Russia and third countries such as China that are involved in evading sanctions and supporting Russia’s defense sector. They are to be prohibited from purchasing products such as semiconductors, whether they are made in the U.S. or made abroad using U.S. technologies or software.

EU Sanctions Could Affect Rare Earths

The United Kingdom also announced new sanctions on Friday, primarily targeting Russia’s defense industry, and the EU presented its now tenth sanctions package. This also includes certain rare earth components that can be used for military purposes (we reported).

Photo: iStock/rarrarorro

The Magnetics Show USA 2024 advert