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1168. What action did Treasury take on April 12, 2024 with regards to aluminum, copper, and nickel of Russian Federation origin?
On December 6, 2023, and February 24, 2024, the G7 Leaders issued statements signaling their intent to reduce Russia’s revenues from metals. On April 12, 2024, in coordination with the United Kingdom, the United States issued two new prohibitions that will further disrupt the revenue that Russia earns from its export of aluminum, copper, and nickel of Russian Federation origin, including through the use of U.S. global metal exchanges.
To implement this action, Treasury issued two determinations. The first, “Prohibitions Related to Imports of Aluminum, Copper, and Nickel of Russian Federation Origin” (the “Metals Import Determination”) pursuant to Executive Order (E.O.) 14068, as amended by E.O. 14114, prohibits the importation and entry into the United States, including importation for admission into a foreign trade...
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1) This is a standard “leading” FAQ that describes an OFAC action without providing much (or anything) in the way of interpretive guidance. For detailed comments on the determinations referenced in the FAQ, refer generally to Consolidated Comment on the 4-12-23 Aluminum, Copper, and Nickel-Related Service and Import Prohibitions (System Ed. Note).