white house considers ban on russian aluminum

Shares of U.S.-based aluminum producer Alcoa Corp were last trading up 5.1% in New York, following the report. Bloomberg reported last month that the White House was weighing possible sanctions or tariffs on Russian aluminum. Attacks were also carried out in several other cities as far west as Lviv, some 40 miles from the Polish border. According to some news, the Biden government is considering a complete ban on imports of Russian aluminium as a response to the recent escalation in the Russia-Ukraine conflict. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Benchmark aluminium was up 3.3% at $2,309 a tonne at 1612 GMT after briefly spiking 7.3% to $2,400 a tonne. Reuters quoted a White House official as saying: "We're always considering all . Crucial consumer metal was shielded from earlier US sanctions, Move could force key industries into rush for replacements. Andrey Rudakov | Bloomberg | Getty Images. Russia has unleashed a barrage of cruise missiles and armed drones that tore through neighborhoods in Kyiv, the Ukrainian capital, that for months had been largely spared from the heavy fighting since the battlefront shifted to the east. The Treasury Department did not immediately respond to a request for comment from Reuters. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Meanwhile, his defense secretary was meeting with partners and allies in shoring up Ukraine's armed resistance. Alcoa, the largest US aluminium manufacturer, sent a letter to the LME last month saying the Russian aluminium deal should not be allowed. White House Weighs Ban On Russian Aluminum In Retaliatory Move by Benzinga Newsdesk, Benzinga Staff Writer October 12, 2022 11:20 AM | 18 seconds read Never miss a trade again with. A worker in April 2021 at Russias Rusalone of the worlds biggest producers of aluminum. Walt Disney has been accused of systematically underpaying women in California in a lawsuit that alleges the company's female employees in the state earned $150 million less than their male counterparts over an eight year period. The White House is reportedly considering escalating its economic crackdown on Russia by targeting one of its major commodity exports, a move that has rattled markets. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. See here for a complete list of exchanges and delays. LME prices on Friday shrugged of news of the tariffs because they don't stop consumers and traders in other countries from buying Russian aluminium and supplies are for now ample, metals analysts said. Last week, the LME launched a consultation on the possibility of banning Russian aluminumalong with other metalsfrom being traded and stored in its system. The sanctions also fueled a jump in aluminum prices on the London Metal Exchange. Ashlee Vance explores innovations in new tech, software, engineering, and science in places outside of Silicon Valley. Lloyd Austin led a Ukraine Contact Group meeting in Brussels, part of a two-day series of talks with other defense ministers. Neither Russian metal nor the companies that produce it have been targeted by sanctions imposed on some Russian companies in response to Russia sending troops into Ukraine last year. Aluminum traded on the London Metal Exchange soared as much as 7.3% -- one of the biggest intraday moves on record -- before settling 3.1% . The move will have wide-ranging ramifications for the global aluminium market, and consumers, including the US, may need to rush to find other alternative sources. 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The White House is weighing an outright ban, raising tariffs to levels so punishing they would impose an effective ban, or sanctioning United Co Rusal International PJSC, the company that. Rusal, the world's largest aluminum producer outside China, did not immediately reply to a Reuters' request for comment. "Alcoa welcomes the imposition of tariffs by the U.S. government on Russian aluminum," the U.S. aluminum producer said. In response to Russia's actions against Ukraine, the Biden administration is considering three options - a complete ban, sanctions on Russian aluminium producer United Co. Rusal International or increasing tariffs to levels that would imply an effective ban. Aluminium is vital to most heavy industries, and the USs imports of aluminium from Russia generally account for around 10 per cent of the countrys total aluminium import volume. Rusal declined to comment when contacted by Reuters. . "President Biden has made it a priority to mitigate the effects of Russias invasion on domestic industries critical to our national security, and this includes the American aluminum industry," the U.S. Department of Commerce said. 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 nations metal, United Co. Rusal International PJSC, according to people familiar with the decision-making. The Biden administration is considering raising tariffs on Russian aluminum to levels so punitive they would effectively ban Russian aluminium producer Rusal, Bloomberg said, citing unnamed people familiar with the decision-making. U.S. imports of unwrought aluminum and alloys from Russia amounted to 191,809 tonnes, or roughly 4.4% of the more than 4.4 million tonne total last year, compared with 8.9% in 2018 and 14.6% in 2017, according to Trade Data Monitor. News; . The tariffs are unlikely to significantly tighten the aluminium market in the United States as the country imports only a small percentage of its aluminium from Russia. "There is no movement on this as of now.". ICD Brookfield Considers Stake Sale in Iconic Dubai Tower. There is no movement on this as of now,' a White House official said in response to the report. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The administration is considering a range of options including an outright ban, raising tariffs to impose a de facto ban or sanctioning Russian metal producer United Co Rural International PJSC, Bloomberg reported Wednesday, citing people familiar with the decision. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 12 Oct 2022 16:41:33 . 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"President Biden has made it a priority to mitigate the effects of Russias invasion on domestic industries critical to our national security, and this includes the American aluminum industry," the U.S. Department of Commerce said. WASHINGTON, Feb 24 (Reuters) - The United States will impose a 200% tariff on aluminum and derivatives produced in Russia from March 10, the White House said on Friday, effectively a ban as it announced sanctions on the anniversary of Russia's invasion of Ukraine. The industry leader for online information for tax, accounting and finance professionals. 'Russia poses an immediate threat to the free and open international system, recklessly flouting the basic laws of the international order today, as its brutal war of aggression against Ukraine has shown. Our Standards: The Thomson Reuters Trust Principles. Western countries have imposed sanctions on Russian banks and wealthy individuals connected to President Vladimir Putin since Russia's invasion of Ukraine began in February, but so far there are no restrictions on buying Russian metal. 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. The market transactions were relatively slack last week, but the traded prices moved up to $81-82/mt, even $84-85/mt. Privacy Policy / A Division of NBCUniversal. The Lead Prices Rose and the Transactions were Modest [SMM Afternoon Comment on Lead]. Shares of Rio Tinto Plc, which produces aluminum as well as iron ore, copper and other metals, fell about 1% on Wednesday in London. Bloomberg reported on. The White House is already considering a ban on aluminum imports from Russian producer Rusal. March 7, 2022. . Walt Disney has been accused of systematically underpaying women in California in a lawsuit that alleges the company's female employees in the state earned $150 million less than their male counterparts over an eight year period. We want to hear from you. Prices of aluminum, vital for transport, packaging and construction industries, were down 2.5% at $2,337 a tonne at 1652 GMT. Unsold metal tends to end up in the LME warehousing system, which are warehouses authorized. After the recent escalation of the conflict, the US decided to make some responses. Aluminum futures with longer expiry dates into the end of the year and early 2023 were trading more than 3% higher on Thursday. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Attack shows Russia's 'unbridled desire to kill as many as possible', says Ukraine, Brittney Griner's life behind bars: WNBA star spends 23 hours a day in tiny cell with two other inmates at nightmare Russian penal colony - and is only allowed outside ONCE A DAY to walk around a small courtyard, lawyer reveals, Biden admits inflation is a national and global threat in new national security strategy promising to 'compete' with China and 'constrain dangerous' Russia. All Rights Reserved. Russia is the world's second biggest producer of the metal. Russia is the world's second-largest aluminium producer, accounting for about 6 per cent of global output, and Rusal is Russia's only primary aluminium producer, with an output of 3.76 million mt in 2021. The White House is hesitant to halt imports of Russian oil, but the administration is not ruling it out. "In imposing these tariffs, we are denying Russia an important market for its aluminum while taking a stand for Americas workers.". Previously, because aluminium is widely used in various fields such as automobiles, electronics and skyscrapers, western countries have not included Russian aluminium in sanctions. 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 Russias military escalation in Ukraine. However, in the eighth month of the Russia-Ukraine war, fewer Russian products are available for the US and its allies to ban after a series of sanctions against Russia enforced by the US.

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