US Bans Imports of Russian-Origin Aluminum, Copper, Nickel
The Treasury Department announced on April 12 that it will add Russian-origin aluminum, copper and nickel to existing import bans on Russian goods, which already cover Russian jewelry and seafood. The ban applies to all aluminum, copper and nickel of Russian origin produced on or after April 13.
The ban doesn’t apply to Russian-origin aluminum, copper or nickel that has been “incorporated or substantially transformed into a foreign-made product,” OFAC said in a FAQ the same day. OFAC said it intends to publish regulations defining the term “Russian Federation origin” and defining aluminum, nickel and copper subject to the import bans.
Another determination issued by Treasury on April 12 bans services related to the acquisition of Russian-origin aluminum, copper and nickel, including “warranting services” on a global metal exchange, and “services to acquire aluminum, copper, or nickel of Russian Federation origin as part of a physical settlement of a derivative contract,” Treasury said.
The ban on services also takes effect for aluminum, copper or nickel produced after April 13. The U.K. implemented a similar ban.
"As a result of today’s collective actions, metal exchanges, like the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME), will be prohibited from accepting new aluminum, copper, and nickel produced by Russia. Metal exchanges provide a central role in facilitating the trading of industrial metals around the globe," Treasury said in a news release. "By taking joint action, the United States and UK are depriving Russia and its metals producers of an important source of revenue."
A new general license issued by Treasury allows U.S. persons to “pay taxes, fees, or import duties, and purchase or receive permits, licenses, registrations, certifications, or tax refunds to the extent such transactions are prohibited” under the bans, “provided such transactions are ordinarily incident and necessary to the day-to-day operations in the Russian Federation of such U.S. persons or entities, through 12:01 a.m. eastern daylight time, July 11, 2024.
CBP emailed a CSMS message on the new bans shortly after Treasury’s announcement. It said, “Prohibited products imported after April 12, 2024 will require production level documentation to determine admissibility. Please reach out to the local port of entry if assistance is required.”