December 4, 2022

Taylor Daily Press

Complete News World

Bloomberg: US Considers Ban on Russian Aluminum

Bloomberg: US Considers Ban on Russian Aluminum

Photo: ANP

The US is considering a ban on Russian aluminum as the war in Ukraine escalates. The direct reason for this is Russia’s rocket attacks on cities like Kiev in recent days, Bloomberg news agency said based on insiders.

Due to the metal’s importance to industry, until now, aluminum has been excluded from the ban. Light metal is used, for example, in cars, but also in construction and electronic production.

The White House is reportedly considering several options to impose sanctions. The use of Russian aluminum may be banned. Such prohibition applies not only to US companies in general, but also to companies operating in the US market. Other options include imposing prohibitive tariffs and imposing sanctions on Russian aluminum producer Rusal.

Whatever the US chooses, the consequences for the global aluminum market will be significant. U.S. companies and companies from other countries should look very quickly to switch to aluminum, which could drive up the price of the metal. Aluminum prices on the London Metal Exchange rose more than 7 percent on Wednesday. Shares of US aluminum giants Alcoa and Century Aluminum also rose.

About one-tenth of the aluminum used in the United States is Russian aluminum. Russia ranks second in metal production. Only China produces more.

See also  Return to Jorce from Virginia in the United States: Better Than Home (Zoersel)