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United States and United Kingdom Take Action to Reduce Russian Revenue from Metals (Press Release)

Date issued: Apr. 12 2024

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PRESS RELEASES

United States and United Kingdom Take Action to Reduce Russian Revenue from Metals

April 12, 2024

New Prohibitions Issued on Aluminum, Copper, and Nickel

WASHINGTON — Today, the U.S. Department of the Treasury, in coordination with the United Kingdom, issued two new prohibitions to disrupt the revenue that Russia earns from its export of aluminum, copper, and nickel.

This new action prohibits the import of Russian-origin aluminum, copper, and nickel into the United States, and limits the use of Russian-origin aluminum, copper, and nickel on global metal exchanges and in over-the-counter derivatives trading. This action solidifies Treasury’s follow through on the G7 Leaders’ Statement to reduce Russia’s revenues from metals.

“Our new prohibitions on key metals, in coordination with our partners in the United Kingdom, will continue to...

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TURBOFAC Commentary (480 words)

Notes:

1) As described in section 2 of General Note on Explicit and Implicit "Facilitation" Prohibitions in IEEPA-based Embargoes, and discussed in more detail at section IV(e) of Consolidated Comment on the 4-12-23 Aluminum, Copper, and Nickel-Related Service and Import Prohibitions (System Ed. Note), this is a rare prohibition-specific deviation from the norm as it relates to the scope of the standard "facilitation" prohibition. Section 1(a)(iii) of EO 14071 is a standard facilitation prohibition that applies with respect to all transactions prohibited by section 1(a)(ii) of EO 14071, including the prohibitions imposed pursuant to the 4-12-24 Services Determination. Here, OFAC is saying that banks processing certain transactions is "not prohibited" by the determination notwithstanding that, under normal circumstances, this would be regarded as "facilitation" of a sanctions-implicating transaction by a non-U.S....