The US announced new action against Russia’s metals and mining sector that include measures it said will significantly increase the cost of importing aluminum smelted or cast in Russia.
The White House will raise tariffs on more than 100 Russian metals, minerals and chemical products worth $2.8-billion to Russia, it said Friday in a statement announcing a fresh round of measures to mark the one-year anniversary of Russia’s invasion of Ukraine.
The measures will “significantly increase costs for aluminum that was smelted or cast in Russia to enter the US market,” it said, without immediately giving further details. Bloomberg previously reported that the US was preparing to impose a 200% import tariff on Russian aluminum.
While the US and Europe have imposed sweeping sanctions on Russia in response to the invasion of Ukraine, industrial metals like aluminum have largely avoided blanket restrictions. The White House said Friday it was “expanding its sanctions authorities to Russia’s metals and mining sector,” but that the move would be tailored to minimize market disruption.