10 EU Countries Demand Broader Sanctions on Russian-Origin Metals

Forex - Ten European Union (EU) countries have proposed further sanctions on Russia's trade, including the production of metals such as aluminum, to further reduce Russia's revenues and the financing of the war in Ukraine. The EU's sanctions list includes over 2,000 individuals and entities, but does not include Russian metal producers like Rusal or primary metals produced in Russia. A source indicated that among the signatories of a letter sent two weeks ago, proposing a ban on Russian-origin metals, is Poland, which will take over the EU presidency from Hungary in January. The letter, supported by Denmark, the Czech Republic, Ireland, Estonia, Latvia, and Lithuania, stated, "Since metals, in addition to fossil fuels, constitute the most significant source of revenue for Russia, we must impose additional import bans on metals." Sweden, Finland, and Romania also support the proposal. The EU Commission is set to propose the new package in the second half of January and aims to adopt it in February to coincide with the third anniversary of Russia's invasion of Ukraine.