Elizabeth O.
This move is intended to exert economic pressure on Russia and disrupt its trade in these metals on a global scale.
The ban, effective from April 13, 2024, will extend to major commodity exchanges such as the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME).
Janet Yellen, the US Treasury Secretary, announced the ban in a press release on Friday, emphasizing that the objective is to limit Russia’s revenue streams that contribute to funding its military operations in Ukraine.
Yellen stated that the measure aims to diminish Russia’s earnings while safeguarding the interests of US partners and allies, shielding them from any undesirable spillover effects.
Russia’s ambassador to the US, Anatoly Antonov, condemned the ban as an unjustified and politically motivated action that will ultimately prove counterproductive.
Antonov suggested that this decision by the US is based on the assumption that commodity prices will not surge within the United States itself.
He further remarked that the US has already minimized its imports of Russian metals to a great extent, and this new “illegal” move by the US administration only serves to disrupt global markets by involving satellite states in sanctions.
In response to the escalating trade war, Russian Foreign Minister Sergey Lavrov, during a visit to China, announced that Russia will take additional measures to circumvent Western sanctions and diversify its foreign trade.
Lavrov discussed the economic challenges arising from what he considers an unlawful policy of unilateral sanctions and explored plans to address these issues within the framework of organizations like BRICS and the Shanghai Cooperation Organisation, during his meeting with his Chinese counterpart, Wang Yi.
