resources Bloomberg He reported that US officials will impose a 200 percent tax on Russian aluminum. According to them, Washington will announce the relevant decision this week. Measures are being taken “in connection with the upcoming anniversary” of the start of the Russian military operation in Ukraine.
The agency’s interlocutors note that President Joe Biden has yet to authorize the appointment: the administration fears collateral damage to US industry, including the aerospace and automotive sectors.
“The measures are taken as part of efforts by the United States and the European Union to downplay Russia’s role as a global commodity producer.
The EU banned oil and natural gas imports from Russia in an effort to reduce its dependence on Moscow. However, the impact of this move has been mitigated by a redrawing of the global oil trade map, with the bulk of crude oil supply now going to China and India at lower prices.
There is no information yet that the EU may also increase taxes on aluminum.
export to USA
Russia remains the world’s largest aluminum producer after China and a major importer for the US market, the range of purchasing companies is huge – from construction to automotive. Metal supplied from Russia accounts for about 10% of total US imports. Bloomberg states that imports will be effectively stopped if customs duty is introduced.
Imports of Russian aluminum into the United States fell to almost zero in October last year, but the volume of deliveries in November increased to 11.6 thousand tons and in December to almost 11 thousand tons.
In January of this year, 9.7 thousand tons were imported from Russia to the USA.
Aluminum prices fell nearly 15% last year amid fears of a global economic slowdown and restrictions on the outbreak in China.
On the news of possible customs duties on February 6, RUSAL shares fell by almost 2% and fell below 42 rubles per share.
western restrictions
Since December 2022, the G7 countries (USA, UK, Canada, Japan, Germany, France, Italy), the European Union and Australia have limited the purchase price of Russian oil to $60 per barrel. Also, at the same time, a European embargo was imposed on offshore oil supplies from Russia. And since February 5, a similar embargo has been imposed on Russian petroleum products, in particular two price levels have been set: $45 per barrel for heating oil and naphtha, and $100 per barrel for diesel and kerosene.
In January, US media reported that Washington feared cutting the marginal cost of Russian oil for fear of causing a shortage of raw materials. Lithuania, Latvia, Estonia and Poland, by contrast, favor a more radical lowering of the ceiling to $30 per barrel (which can be reviewed every two months).
The day before price limits joined Japan. Price limits for Russian oil products transported by sea are set at $100 and $45 per barrel, depending on their category.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.