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U.S. may block Russian aluminum imports -source

Commodities Oct 12, 2022 02:56PM ET
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© Reuters. A worker stores aluminium ingots at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in Krasnoyarsk, Russia October 3, 2018. REUTERS/Ilya Naymushin
 
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By Trevor Hunnicutt

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 on the conversations told Reuters.

Such a move, which has not been finalized, would likely boost global prices for the metal used in a wide range of consumer products and could reverse a previous White House stance that such sanctions could wreak havoc on global markets.

"We're always considering all options," said a White House official. "There is no movement on this as of now."

The Treasury and Commerce departments did not immediately respond to requests for comment from Reuters.

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.

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

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

"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.

Shares of U.S.-based aluminum producer Alcoa (NYSE:AA) Corp were last trading up 5.1% in New York, following the report. Shares of Rio Tinto (NYSE:RIO) Plc , which produces aluminum as well as iron ore, copper and other metals, fell about 1% on Wednesday in London.

U.S. may block Russian aluminum imports -source
 

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Comments (5)
Ken Roth
Ken Roth Oct 12, 2022 3:08PM ET
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Amazing so many comments from without any kind of conscience towards the thousands of ukraine people getting eliminated daily by the russians. Wonder how you can explain this to your children
Udhyot Shah
Udhyot Shah Oct 12, 2022 1:50PM ET
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who has benefited with war and sanction Biden is fool i feel
Richard Saunders
Richard Saunders Oct 12, 2022 1:35PM ET
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Wow, we're really sticking it to those bad evil Russians. i.e., we're sticking it to ourselves. Great plan President Potato, great plan.
Ken Roth
Ken Roth Oct 12, 2022 1:15PM ET
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Good idea not 1 US dollar should go to russia and their mad invasion of ukraine
John Hill
John Hill Oct 12, 2022 12:09PM ET
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Go ahead Biden. Please do create another situation that will cause inflation to continue to go higher. You are the dumbest president America has ever had. But then again, it's my belief that your intent is to destroy America. And you certainly are succeeding.
 
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