Three-month aluminum contracts on the London Metal Exchange hit all-time highs in February and March 2022 on fears about logistics and import restrictions. In response to the invasion of Ukraine, the U.S. and other countries stripped Russia of Most-Favored Nation (MFN) treatment under the World Trade Organization (WTO). "It seems that Russia is prioritising its strategic interests over economic sanctions, so the situation runs further risks of escalation," said Yeap Jun Rong, market strategist at IG in Singapore. Recently, Bloomberg reported that the Biden administration is weighing a ban on Russian aluminum. Support The World's nuanced international coverage. Benchmark aluminum prices in London retreated from record highs after Bloomberg News reported the discussions. 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The second tranche of these new tariffs will imposed on articles made anywhere in the world not just in Russia itself in which any amount of primary aluminum in their production has been sourced from aluminum smelted or cast in Russia. Tesla purchases Rusal aluminum for casting parts at its new vehicle assembly plant outside of Berlin, according to invoices, internal correspondence, and several current and former employees who spoke with CNBC on condition of anonymity, citing fear of retaliation. It did not comment on lobbying efforts. The Proclamation also imposes 35% basic import tariff on a variety of Russian-origin chemicals, diamonds, nickel, and platinum. Last week on Friday, President Joe Biden urged Congress to join the European Union in suspending normal trade relations withRussia, which would put Russia on the same tier as Cuba or North Korea and could make Russian metals prohibitively expensive long-term for US companies like Tesla. The effect was immediate. Russia-related Sanctions Programs: Russian Harmful Foreign Activities Sanctions. Make your tax-deductible gift today to support The Worlds independent, human-centered journalism. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Now comes word that the Biden administration is considering a ban on Russian aluminum, punitive tariffs or sanctions on Rusal. They were supposed to be the toughest sanctions the United States had ever imposed on a Russian oligarch. In 2018, when the United States imposed sanctions on the Russian aluminum giant Rusal and its billionaire owner, Oleg Deripaska, the move led to a spike in aluminum prices around the world. read more. (Reuters) -The Biden administration is planning to impose new export controls and a fresh round of sanctions on Russia, targeting key industries, Bloomberg News reported on Sunday, citing. In late 2020, Tesla began procuring aluminum from Rusal, the Russian metals giant founded by sanctioned . Tesla only began buying aluminum from the company in late 2020. Kristine Pirnia, who leads the export controls and sanctions practice at the law firm Sandler, Travis & Rosenberg, also spoke with CNBC about autos industry disruption from the nascent war on Ukraine generally. Pirnia noted that even if it remains legal, and ethically justifiable, for automakers to work with Russian suppliers, banking focused sanctions and the complexity of legal compliance could make it nearly impossible to keep doing so. Marc L. Busch is the Karl F. Landegger Professor of International Business Diplomacy at the Walsh School of Foreign Service, Georgetown University. In late 2020, Tesla began procuring aluminum from Rusal, the Russian metals giant founded by sanctioned oligarch Oleg Deripaska, according to invoices obtained by CNBC. The former coordinator, Daniel Fried, retired last year and has not been replaced because of a hiring freeze ordered by the Trump administration at the department. In addition, OFAC named as SDNs several dozen individuals and entities based in third countries such as Switzerland, Germany and the Middle East who are deemed to have assisted in Russias evasion of earlier U.S. sanctions against Russia or to have in provided financial support to Russia for its invasion of Ukraine. This is unprecedented and a massive overreach," said Anders Aslund, senior fellow at USthink tank Atlantic Council. March 8, 2023. Last published date: 2022-07-21 The USG has escalated sanctions on Russia since 2014 in response to Russia's incursions into and invasion of Ukraine, cyber-attacks, malign influence, use of chemical weapons, and election meddling. 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Rusal's aluminum production totaled 3.76 million mt in 2021, the company said in its annual report Feb. 9. White House officials met with industry representatives in recent weeks and told them there was no U.S. intention for now of levying sanctions that would hit Russian aluminum, the people said, asking not to be named because the discussions werent public. Pirnia said, "There's not a blanket rule. The US in 2018 put sanctions on Rusal's operations, which led to severe supply tightness and pushed up global aluminum prices to a seven-year high, eventually leading to significant rise in production costs for downstream manufacturers. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Reuters | October 25, 2022 | 9:30 am Intelligence Markets Europe Aluminum Worker at Hydro Alunorte. But the U.S. is considering restrictions on Russian aluminium imports and the London Metal Exchange (LME), the biggest metals trade hub, is asking members if it should ban Russian material from its system. Aluminum. Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. "They [the Treasury] destabilized the global aluminum industry. One reason for the lack of dialogue: The USState Department no longer has a Sanctions Policy Coordinator to liaise with other governments, according to three USsources familiar with the matter and one European source. Several European governments, including Germany and France, lobbied Washington to back down, according to more than a dozen USand EU officials and industry sources who spoke to Reuters. All made the same argument, the sources said: A squeeze on the largest producer of aluminum outside China would hit businesses around the world, disrupting production of myriad goods from cars and planes to cans and foil, and putting jobs at risk. "Based on current announcements, there's no clear sanction that will target metals flows, but increasing numbers of Russian companies are being impacted and that has put the market on tenterhooks," said Wenyu Yao, senior commodities strategist at ING Bank. "The US has been very thoughtful and strategic in respect to sanctions It has issued to-date." Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. It is also a major producer of natural gas used to generate electricity. Washington's change of course says a lot about the leverage held by the supply chain of a widely used commodity such as aluminum. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. WASHINGTON, Feb 23 (Reuters) - The United States is poised to unleash a wider array of sanctions against Russia if Moscow escalates the conflict in Ukraine, denying key Russian financial. A Division of NBCUniversal. The big picture is that the U.S. lacks the existing smelter capacity, or primary production, to meet domestic demand. June 24, 2023 18:10 GMT. Aluminium is the most energy-intensive metal to produce. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 19 April 2022 - Russian aluminium appears on EU sanctions list. The show examines all aspects of the legal profession, from intellectual property to criminal law, from bankruptcy to securities law, drawing on the deep research tools of BloombergLaw.com and BloombergBNA.com. The industry leader for online information for tax, accounting and finance professionals. A ban, coming on the heels of the Section 232 tariffs on aluminum, will not hurt Russia or help Ukraine. * Russian aluminium producer Rusal has halted alumina shipments from its 1.75-Mtpa Nikolaev refinery located close to the port of Mykolaiv in Ukraine, consultancy Wood Mackenzie said on Monday. AI Obsession Powers $5 Trillion Nasdaq 100 Surge: Markets Wrap, Bank Giant Bigger Than Morgan Stanley Arises From India Merger, The Most Romantic City in France Is Not Paris, and Other Travel Advice, Hotel in Italy Named Best in World in New Global List. On April 23, little more than two weeks after imposing sanctions, OFAC softened the measures. Benchmark aluminium was up 3.3% at $2,309 a tonne at 1612 GMT after briefly spiking 7.3% to $2,400 a tonne. As well as producing aluminum, the company produces alumina, a raw material needed to make aluminum.
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