UK adds Belarusian aluminum to import ban list amid escalating sanctions [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
The announcement clarified that the sanctions would also affect "financial and brokerage services related to the supply of aluminum from Belarus." The UK first imposed sanctions on Belarus in June 2023, targeting imports such as gold, cement, timber, and rubber. These measures also impacted several Belarusian companies and individuals. Read also: Latvia to cut Russia's supply of military raw materials In related developments, both the U.S. and the UK previously instituted bans on April 12 against the import of aluminum, copper, and nickel from Russia, in addition to prohibiting trade in these metals. Russia is a significant global supplier of these commodities, contributing about 6% of the world's aluminum, 5% of its nickel, and 4% of its copper supplies. Significantly, the share of Russian aluminum in the London Metal Exchange (LME) warehouses soared to 91% in March, while copper holdings increased from 52% in February to 62% in March. Russian nickel made up 36% of the total
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