United States and United Kingdom issue prohibitions on metals from Russia

Prohibit import of Russian-origin aluminum, copper, and nickel into the United States

Prohibit import of Russian-origin aluminum, copper, and nickel into the United States

The U.S. Department of the Treasury, in coordination with the United Kingdom, issued two new prohibitions to disrupt the revenue that Russia earns from its export of aluminum, copper, and nickel.

The Treasury release (April 12, 2024) explains that this new action aims to prohibit the import of Russian-origin aluminum, copper, and nickel into the United States, and limits the use of Russian-origin aluminum, copper, and nickel on global metal exchanges and in over-the-counter derivatives trading.

To implement this policy, Treasury has issued a new determination prohibiting the importation into the United States of aluminum, copper, and nickel of Russian origin produced on or after April 13, 2024.  Treasury also issued a complementary determination under that prohibits the exportation, reexportation, sale, or supply to any person located in Russia of (1) warranting services for the metals produced on or after April 13, 2024, on a global metal exchange, and (2) services to acquire the metals produced on or after April 13, 2024, as part of the physical settlement of a derivative contract.  

As a result, metal exchanges will be prohibited from accepting new aluminum, copper, and nickel produced by Russia.

Treasury’s Office of Foreign Assets Control (OFAC) issued “frequently asked questions” (FAQs) (April 12, 2024) and Russia-related General License 13I.


For more information, contact a professional with KPMG Trade & Customs services:

Doug Zuvich
Partner and Global Practice Leader
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com

Irina Vaysfeld
E: ivaysfeld@kpmg.com

Amie Ahanchian
E: aahanchian@kpmg.com

Christopher Young
E: christopheryoung@kpmg.com

Gisele Belotto
E: gbelotto@kpmg.com

George Zaharatos
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
E: adoornaert@kpmg.com

Jessica Libby
E: jlibby@kpmg.com
John Anderson
Managing Director
E: johneanderson@kpmg.com
Jenna Leigh Glass
Managing Director
E: jennaleighglass@kpmg.com

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.