A recent report states Britain will ban aluminium imports from Russia, among other commodities like diamond, copper and nickel. The news came on Friday, May 19, after Britain announced its plans targeting companies allegedly stealing Ukrainian grain.
British Prime Minister Rishi Sunak said, “We will legislate later this year to ban imports of Russian diamonds, and end all imports of Russian-origin copper, aluminium and nickel.”
But the ban is expected to have a mild impact as Russian exports of aluminium and other materials to the United Kingdom have already dropped since the tariffs came into effect.
Alongside, the United States, Britain and other groups of seven major economies will disclose their sanctions and import control plans from Russia at the 49th G7 summit in Japan, from May 19-21, 2023.
The United Kingdom has already sanctioned more than 18 billion pounds ($22.7 billion) of Russian assets in the UK and sanctioned over 20 billion pounds of UK-Russia goods trade.
Last March, the British government also levied 35 per cent of additional duties on the imports of Russian primary aluminium, aluminium alloy, copper, and lead. The London Metal Exchange (LME) also suspended deliveries of Russian aluminium, copper, nickel and lead into its approved warehouses in Britain.
“The LME will closely monitor the latest development for further details and will communicate to the market in due course should the LME consider any further action is required beyond the suspension that is already in place,” it said on Friday.
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