The United States imposes a 200 percent import duty on aluminum from Russia. In this way, the US government hopes to keep Russian aluminum out of the door, eliminating an important sales market. The trade barrier is part of a new package of sanctions with which the Americans want to punish Russia for the invasion of Ukraine, which began exactly a year ago.
According to the US Department of Commerce, the tripling of import prices for Russian aluminum also helps workers of the metallurgical industry in the United States. A large US aluminum manufacturer, Alcoa, reacted enthusiastically to the measure.
“We remain in favor of sanctions as an effective means of the government to take measures against Russia and level the playing field with American producers.”
Russia is one of the world’s largest aluminum producers, accounting for just over 4 percent of all aluminum imported by the U.S. last year. The news about the import tax did not immediately cause a rise in prices for aluminum in commodity markets. According to analysts, this is due to the fact that the export of Russian aluminum to other countries continues for the time being.
Last autumn, five European trade associations for the metal sector argued against a ban on Russian aluminum imports into the European Union. That would cost too many jobs in the metalworking sector, they argued.
The US also put MTS Bank on the sanctions list on Friday because of the war in Ukraine. That Russian bank also has operations in the United Arab Emirates. In addition, the Credit Bank of Moscow, one of the ten largest banks in Russia, ended up on the black list. Furthermore, 250 people were put on the sanctions list, including some Germans and Swiss who allegedly channeled Western technology to Russia.
About the author: Matthew Johnson
Matthew Johnson, a small tech business owner retired and found his passion in journalism.