White House Weighs Ban on Russian Aluminum Over Ukraine War Escalation – by Joe Deaux and Jenny Leonard (Bloomberg News – October 12, 2022)


(Bloomberg) — The Biden administration is considering a complete ban on Russian aluminum — long shielded from sanctions due to its importance in everything from automobiles and skyscrapers to iPhones — in response to Russia’s military escalation in Ukraine.

The White House is eyeing three options: an outright ban, increasing tariffs to levels so punitive they would impose an effective ban, or sanctioning the company that produces the nation’s metal, United Co. Rusal International PJSC, according to people familiar with the decision-making.

Such a move would have wide-reaching repercussions for the globally traded aluminum market, potentially forcing consumers in the US and other countries into a rush to find replacement metal.

The globally traded aluminum price surged on the news of a possible ban. Aluminum on the London Metal Exchange rose as much as 7.3% for its biggest intra-day gain in almost two weeks amid concerns that such a move would crimp availability.

For the rest of this article: https://www.bnnbloomberg.ca/white-house-weighs-ban-on-russian-aluminum-over-ukraine-war-escalation-1.1831509#:~:text=(Bloomberg)%20%2D%2D%20The%20Biden%20administration,Russia’s%20military%20escalation%20in%20Ukraine.