Bloomberg: US may impose a 200% duty on Russian aluminum this week
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The United States will impose duties on Russian aluminum in the amount of 200% on the eve of the anniversary of the start of a special operation in Ukraine, transmits Bloomberg agency, citing a source.
The move has been under consideration for several months, newspaper sources say. They added that the US is also targeting Russian metal because Moscow is “dumping” aluminum on the US market and allegedly hurting US companies.
“President Joe Biden has not yet formally agreed to these actions, and concerns have been raised in the administration about collateral damage to US industries, including aerospace and automotive,” the agency said.
Experts believe such high tariffs would effectively end US metal imports from Russia, the world’s second-largest metal producer. While imports from Russia have traditionally accounted for 10% of total US aluminum imports, this has fallen to just over 3% according to US trade data.
Industry discussions in recent months have centered around where Russian metal will go if it is suddenly forced out of the US market, as well as Europe. “One such destination could be China, where there are fears that Russian metal could be transported through this country and other countries,” the sources concluded.
On December 16, 2022, the Council of the European Union approved the ninth package of sanctions against Russia, which prescribes a ban on new investments in the Russian mining industry, with the exception of “certain critical raw materials.” Possible exceptions include iron ore, titanium, copper, aluminium, nickel and palladium. The details of the sanctions are published in the Official Journal of the EU.
The competent EU authorities may authorize services in respect of the import of these raw materials “under such conditions as they deem necessary to secure the critical energy supply”.
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