Biden government may intercept Russian aluminum drifts

Biden government may intercept Russian aluminum drifts

October 14, 2022: -The Biden administration is saying that restricting imports of Russian aluminum as it charts possible answers to Moscow’s military escalation in Ukraine, a person said in the conversations, Reuters stated.

Such a move is being finalized, would likely improve global prices for the user in a wide range of consumer products, and could reverse a last White House stance that such sanctions could wreak havoc on international markets.

“We always take all options,” said a White House official. “There is no movement on this till now.”

The administration’s choices included an outright ban, which raises tariffs to levels so punitive they would constitute an effective ban on United Co Rusal International PJSC, the company known as Rusal that is producing Russia’s metal, according to Bloomberg, which initially reported the conversations regarding an aluminum ban earlier on Wednesday.

Rusal, the world’s biddest aluminum producer outside China, did not immediately reply to a Reuters’ request for comment.

Russian attacks using over 100 missiles have killed at least 26 people across Ukraine since Monday when Russian President Vladimir Putin ordered retaliatory strikes against Ukraine for an explosion on a bridge.

“It’s brutal, beyond the pale,” President Joe Biden said on Wednesday, a day after he pledged ongoing assistance to Ukrainian President Volodymyr Zelensky.

Shares of U.S.-based aluminum producer Alcoa Corp were previously trading up 5.1% in New York following the report. Shares of Rio Tinto Plc, producing aluminum and iron ore, copper, and other metals, fell about 1% on Wednesday in London.

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Biden government may intercept Russian aluminum drifts