white house considers ban on russian aluminum

Aluminumused in architecture, cars, smartphones, and power lineshas so far evaded sanctions in the U.S., which has actually stepped up its imports of Russian aluminum since Moscows invasion of Ukraine in February, according to Reuters. Joseph Clark can be reached at jclark@washingtontimes.com. Our Standards: The Thomson Reuters Trust Principles. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Majority of Americans Back Russian Oil Ban Even if It Drives Up Gas Prices "It's brutal, it's beyond the pale," President Joe Biden said on Wednesday, a day after he pledged ongoing assistance to Ukrainian President Volodymyr Zelenskiy. Click SEE ALSO: Despite threats, Putin knows tactical nukes would be suicidal, Polands envoy says. The possible moves come after the Kremlin escalated its attack on Ukraine this week, launching a massive wave of fresh missile strikes across the country on Monday that has continued in the days since. The White House is hesitant to halt imports of Russian oil, but the administration is not ruling it out. 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. Manage Newsletters, Egalitarianism and the American Revolution, Shipping containers are stacked together at the Port of Baltimore, Friday, Aug. 12, 2022, in Baltimore. Biden administration considers ban on U.S. imports of Russian oil "President Biden . "Alcoa welcomes the imposition of tariffs by the U.S. government on Russian aluminum," the U.S. aluminum producer said. Ashlee Vance explores innovations in new tech, software, engineering, and science in places outside of Silicon Valley. RT @SamRamani2: BREAKING: The White House considers a complete US ban on Russian aluminum. A Division of NBCUniversal. The White House is considering three options, a complete ban on Russian aluminium, raising the tariffs to punitive levels so as to enforce an effective ban or a sanction on Rusal, according to people familiar with the matter. Russias Scrapheap-Worthy Fleet of Oil Tankers Gets an Infusion of Newer Ships, China Stock Investors See Humble 2023 Returns on Growth Fears, S. 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Benchmark aluminium was up 3.3% at $2,309 a tonne at 1612 GMT after briefly spiking 7.3% to $2,400 a tonne. Recently, Jiangsu Guotai indicated that the prices of main raw materials for the electrolyte purchased from domestic suppliers have been declining. Affected by the news, LME aluminium once soared by 7% in overnight trading. $4 Gas Now a Reality as White House Weighs Ban on Russian Oil Biden administration considers a ban on Russian aluminum Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. UPDATE 1-Alcoa asks White House to block U.S. imports of Russian aluminum WASHINGTON, Oct 12 (Reuters) - The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow's military escalation in Ukraine, a. Rusal , the world's largest aluminum producer outside China, did not immediately reply to a Reuters' request for comment. SCOTT SIMON, HOST: Gas prices are up again. producers.". 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. Aluminum jumps after White House said to be weighing new sanctions on On April 25, aluminium prices fell sharply by 850 yuan/mt to 20,950 yuan/mt, down 3.9% The falling prices suppressed shipment from traders. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Oct 22, 2022 11:55 AM PDT By Myra P. Saefong Speculation that the U.S. is considering a ban on aluminum from Russia contributed to a brief spike in prices for the metal a week ago, but some. The administration's choices include an outright ban, raising tariffs to levels so punitive they would constitute an effective ban, or sanctioning United Co Rusal International PJSC, the company also known as Rusal that produces Russia's metal, according to Bloomberg, which first reported the conversations about an aluminum ban earlier on Wednesday. The White House is already considering a ban on aluminum imports from Russian producer Rusal. March 7, 2022. . People familiar with the matter also said that the US government did not sanction Russian aluminium in the early days of the Russia-Ukraine conflict, because it was worried that the act would disrupt the global supply order. U.S. considering complete ban on Russian aluminum -Bloomberg World Health Organization to declare aspartame, the sweetener in Diet Coke, a possible carcinogen, Cruise ship that lets you live onboard for 3 years for $38,000 per year will accommodate more passengers. WASHINGTON (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. Aluminum, producer stocks surge as Biden administration weighs Russia ban 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. Benchmark aluminium was up 3.3% at $2,309 a tonne at 1612 GMT after briefly spiking 7.3% to $2,400 a tonne. 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. All quotes delayed a minimum of 15 minutes. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Shares of Rio Tinto Plc, which produces aluminum as well as iron ore, copper and other metals, fell about 1% on Wednesday in London. Annmarie Hordern reports from Washington. White House Weighs Retaliatory Ban on Russian Aluminum (4) News; . 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. 20:44, 12 Oct 2022. Russia is the USs third-largest aluminium supplier in August, data showed. It too did not immediately respond to request for comment. 'We're always considering all options. Crucial consumer metal was shielded from earlier US sanctions, Move could force key industries into rush for replacements. Transactions of Aluminium Scrap this Week were Poor amid Dropping Aluminium Prices. Benchmark aluminium was up 3.3% at $2,309 a tonne at 1612 GMT after briefly spiking 7.3% to $2,400 a tonne. White House Weighs Ban on Russian Oil Imports as Congress Fumes Measures to ban Russian crude gaining bipartisan support White House spokesperson says no decision has been made. Such a move would have wide-reaching repercussions for the globally traded aluminum market, potentially forcing consumers in the US AI-powered legal analytics, workflow tools and premium legal & business news. All rights reserved. "There is no movement on this as of now.". WASHINGTON (Reuters) -The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow's military escalation in Ukraine, a person briefed. The LME (London Metal Exchange), the world's largest industrial metals exchange, is also considering banning the trading of Russian aluminium. 2023 CNBC LLC. A worker tightens a binding around a coil of aluminium wire at the United Co. Rusal aluminium smelting plant in Shelekhov, Russia, on Friday, April 9, 2021. The sanctions also fueled a jump in aluminum prices on the London Metal Exchange. 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. [SMM Monthly Topic]. Political Reporter For Dailymail.Com Russia's mining giants rush to sell metal after LME green light The industry leader for online information for tax, accounting and finance professionals. 12 Oct 2022 16:41:33 Andrey Rudakov | Bloomberg | Getty Images. WASHINGTON, Oct 12 (Reuters) - The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow's military escalation in Ukraine, a person briefed on the conversations told Reuters. AAA says the average price yesterday was. 20:38, 12 Oct 2022 The White House is weighing an outright ban, raising tariffs to levels so punitive they would impose an effective ban or sanctioning United Co Rusal International PJSC, the company that. Greta Thunberg Denounces Russia, War's Impact on Ukraine Ecology; U.S.-based aluminum producer Alcoa Inc on Thursday said it is lobbying the White House to block American imports of the metal from Russia following Moscow's latest military escalation in Ukraine . The sanctions also fueled a jump in aluminum prices on the London Metal Exchange. 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. Log in to keep reading or access research tools. "It's brutal, it's beyond the pale," President Joe Biden said on Wednesday, a day after he pledged ongoing assistance to Ukrainian President Volodymyr Zelenskiy. The question of whether to ban Russian aluminium has been a hot topic in the metals industry in recent weeks. U.S. to impose 200% tariff on aluminum from Russia -White House White House Weighs Retaliatory Ban on Russian Aluminum (4) 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. Imported Iron Ore Prices Likely to Rise This Week Following Wild Swing. 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. CATL and Other Battery Makers Raised Prices, Over 20 Nev Makers also Announced Price Hikes. Crucial consumer metal was shielded from earlier US sanctions, Move could force key industries into rush for replacements, LME Starts Discussing Ban of Russian Metals. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. The industry leader for online information for tax, accounting and finance professionals. White House Considers Ban on Russian Oil Imports - Bloomberg Aluminium spikes 7% after report of U.S. ban of Russian supplies There is no movement on this as of now,' a White House official said in response to the report. Bloomberg reported on Wednesday that the Biden administration was contemplating sanctions on imports of Russian aluminum. 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 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 produces Russia's metal, Bloomberg reported, citing unnamed people familiar with the decision-making. 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. Speculation that the U.S. is considering a ban on aluminum from Russia contributed to a brief spike in prices for the metal a week ago, but some consumers have already voluntarily chosen to. $4 Gas Now a Reality as White House Weighs Ban on Russian Oil. 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. These attacks only further reinforce our commitment to stand with the people of Ukraine for as long as it takes, Mr. Biden said in a statement this week. Aluminum futures with longer expiry dates into the end of the year and early 2023 were trading more than 3% higher on Thursday. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Exclusive news, data and analytics for financial market professionals, Reporting by Trevor Hunnicutt; Additional reporting by Ernest Scheyder, Katharine Jackson, Chris Gallagher and Daphne Psaledakis; Editing by Tim Ahmann, Nick Macfie, Mark Porter and Deepa Babington, Half of Americans face stifling heat, poor air quality, Botswana signs new diamond sales deal with De Beers, Argentina economic activity slumps 4.2% in April as drought hit farming, Wall St ends strong quarter with broad rally, dollar dips as inflation cools, Disney accused in lawsuit of 'systematically' paying women less than men in California, Exclusive: EV charging firms oppose Texas' 'premature' plan to mandate Tesla standard, letter shows, US chicken producers ordered to face price-fixing claims, Horse racing-Churchill Downs reinstates suspended trainer Joseph. Alcoa, the largest US aluminium manufacturer, sent a letter to the LME last month saying the Russian aluminium deal should not be allowed. Rob Crilly, Senior U.S. The Treasury Department did not immediately respond to a request for comment from Reuters. Terms of Use / The White House said Monday President Joe Biden hasn't made a decision yet about banning oil imports from Russia. 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. The market transactions were relatively slack last week, but the traded prices moved up to $81-82/mt, even $84-85/mt. Our Standards: The Thomson Reuters Trust Principles. Biden administration considers ban on U.S. imports of Russian oil. 'It's brutal, it's beyond the pale,' he said, a day after he pledged ongoing assistance to Ukrainian President Volodymyr Zelensky. The decision not to ban Russian metal from LME . 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RT @SamRamani2: BREAKING: The White House considers a complete US ban on Russian aluminum. According to the data released by the World Gold Council, in April, the global gold ETF achieved a net inflow of 43 mt (about $3 billion), 77% lower than last month. We are no longer accepting comments on this article. The question of whether to ban Russian aluminium has been a hot topic in the metals industry in recent weeks. As of Friday April 22, the SMM Imported Copper Concentrate Index (weekly) stood at $82.63/mt, $1.48/mt higher than the previous week. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. White House mulling ban on Russian aluminum: reports After the recent escalation of the conflict, the US decided to make some responses. Reuters Biden administration considers ban on U.S. imports of Russian oil | PBS Rusal, the world's largest aluminum producer outside China, did not immediately reply to a Reuters' request for comment. Earlier they touched $2,321.5, the lowest since Jan 9. The move, which has not been finalized, would reverse the White Houses previous restraint in targeting Russian aluminum over concern that doing so would boost prices for a range of consumer products and likely send shock waves through global markets. Supreme Court Rules on Gay Rights Case: Live Updates - The New York Times 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. 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. By The White House and the Treasury Department did not immediately respond to requests for comment from Reuters. See here for a complete list of exchanges and delays. President Biden is considering a ban on Russian aluminum imports in response to the Kremlins military escalation in Ukraine, according to reports. Corruption follows the ideology | Opinion, Incredible Photos Show What Dubai Is ReallyLike, Golf, July 4 celebrations and more: 7 things to do in the D this weekend. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. Aluminum prices on the London Metal Exchange (LME) surged 7% higher Wednesday on the back of Bloombergs report, briefly reaching $2,400 a ton. The LME last week launched a discussion paper on the possibility of banning Russian aluminium, nickel and copper from being traded and stored in its system. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Aluminum and shares of metal producers soared following news that the Biden administration is considering a complete ban on Russian aluminum in response to Russia's military escalation in Urkaine. SHANGHAI, Apr 25(SMM) - Silicon metal prices declined last week. 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. US Considers a Complete Ban on Imports of Russian Aluminium, and LME Russia accounts for 5% of global aluminum production. Exclusive news, data and analytics for financial market professionals, Reporting by Doina Chiacu in Washington, Polina Devitt, Anastasia Lyrchikova and Pratima Desai; Editing by Caitlin Webber and Louise Heavens, Half of Americans face stifling heat, poor air quality, Botswana signs new diamond sales deal with De Beers, Argentina economic activity slumps 4.2% in April as drought hit farming, Wall St ends strong quarter with broad rally, dollar dips as inflation cools, Disney accused in lawsuit of 'systematically' paying women less than men in California, Exclusive: EV charging firms oppose Texas' 'premature' plan to mandate Tesla standard, letter shows, US chicken producers ordered to face price-fixing claims, Horse racing-Churchill Downs reinstates suspended trainer Joseph. A ban would almost certainly send prices soaring. Russian aluminum is produced by Rusal, which accounts for about 6% of global supplies. 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 . "Alcoa welcomes the imposition of tariffs by the U.S. government on Russian aluminum," the U.S. aluminum producer said. Can the Tight Supply Improve in May? Sign up for theFortune Features email list so you dont miss our biggest features, exclusive interviews, and investigations. The Biden administration is considering raising tariffs on Russian aluminum to levels. All Rights Reserved. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Daily LME Base Metals Inventory Changes (June 20), Daily Updates on SHFE Base Metals and Stainless Steel Warrants (June 20).
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