EU Intensifies Sanctions Push on Russian Metals

Ten EU countries have proposed further sanctions on Russian metal exports to decrease Russia's revenue from metals besides fossil fuels. Despite resistance, the EU seeks to pass the sanctions package by February, marking three years of Russia's invasion of Ukraine.

Ten European Union nations are rallying for more sanctions targeting Russia's lucrative metal exports, focusing on commodities like aluminum, to curb funds for Russia's war in Ukraine, according to a letter unveiled by Reuters.

The alliance, comprising Poland, Denmark, and others, emphasizes metals' significance as a Russian revenue source second only to fossil fuels. Most EU consumers have already turned to alternative suppliers, yet the bloc remains a major importer of Russian-origin primary aluminum.

Currently, internal debates continue, especially with EU holdouts like France potentially softening their stance. In 2022, EU aluminum imports from Russia dropped notably, from 20% to 6% by September, facilitating the push for increased sanctions or punitive tariffs.

(With inputs from agencies.)