Sunday, June 4, 2023

Britain will ban Russian diamonds, big gold mines affected by US sanctions

Britain on Friday published plans to ban imports of Russian diamonds, copper, aluminum and nickel and announced new sanctions against Russia, targeting companies linked to the alleged theft of Ukrainian grain.

The United States and Canada also announced new sanctions on Russia over the war against Ukraine. The Russian business of Washington, gold producer Polyus and its peer, Polymetal, will further hurt gold sales in a country already hit by Western sanctions and sanctions.

British Prime Minister Rishi Sunak said, “By the end of this year we will introduce legislation to ban the import of Russian diamonds and eliminate all imports of copper, aluminum and nickel of Russian origin.”

However, a ban on British imports would only have a moderate effect, as Russian exports of those items to the UK have already fallen following the imposition of tariffs. Britain imported only a small proportion of its aluminium, nickel and diamonds from Russia.

In March, London imposed an additional 35% tariff on imports of Russian base metals. Then the London Metal Exchange (LME) suspended deliveries of Russian copper, aluminium, nickel and lead to its authorized British warehouses, even though nothing was stored in them.

“LME will closely monitor the latest developments for further details and will communicate them to the market in due course if any further actions are necessary following the suspension,” LME said on Friday.

Russian nickel and copper producers Nornickel and Polymetal declined to comment. Aluminum producer Rusal, diamond miner Alrosa and Paulius did not respond to Reuters requests for comment.

Russia is a major producer of aluminium, nickel and diamonds. Britain’s plan to ban imports was later announced ahead of G7 nations discussing how to track the Russian diamond trade with the aim of imposing sanctions.

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“The world market is liquid, rich in alternative destinations,” Kremlin spokesman Dmitry Peskov told reporters on Friday. Russia is also one of the world’s largest gold producers, along with China and Australia.

The latest US sanctions come on top of sanctions imposed on major Russian banks, which used to be the country’s leading gold exporter before the war, and new import bans imposed in June by Britain, the United States, Japan and Canada. ,

The UK has also focused on “suspicious individuals and entities” linked to the theft and resale of Ukrainian grain, which Russia has accused but denied.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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