Posted on 23 May 2023
UK authorities aim to introduce a ban on imports of nickel and copper from Russia, in a new round of sanctions announced by British Prime Minister Rishi Sunak.
The head of state said that legislation will be put in place “later this year” to completely stop imports of Russian-origin copper and nickel, building on existing bans of Russian iron and steel.
“Sanctions imposed on Russia by the UK and our G7 partners are having a clear and progressive impact in degrading Putin’s war effort,” the UK government says. “Moscow is cut off from Western financial markets and there is a sustained reduction in the country’s oil revenues.”
In addition, 86 individuals and companies will fall under restrictive measures, including those from the military-industrial complex, as well as areas that provide revenue to the budget of the Russian Federation. Among them are metals, energy and shipping companies.
Russian Copper Company (RCC) and its founder Igor Altushkin fell under the new UK sanctions, Kallanish notes.
“The sanctions regime against Russian companies and individuals has been in effect for more than one year,” RCC said in a statement. “The company has implemented a set of measures to minimise the negative impact of this regime in order to maintain production, ensure the fulfilment of obligations to counterparties and partners, and continue the implementation of social and charitable initiatives in the territories of presence.”
The impact of the new restrictions on the company’s operations has yet to be assessed, but the company’s management and subsidiaries are operating as usual.
In April, RCC denied media reports that Altushkin is the main sponsor of the Ural battalion -- an assault unit within the Russian Defence Ministry that participates in the war in Ukraine.
Russia isn’t a major supplier of either nickel or copper to the UK. While there were no imports of refined copper from Russia last year or in 2021, imports of nickel stood at 1,145 tonnes last year – which is estimated to be worth around $28m. There were no nickel purchases from Russia in 2021, and roughly 70% of the UK’s nickel imports came from Australia, Finland and Norway in 2022.
Source:Kallanish
