US asks G7 to consider sanctions on Russian palladium and titanium
The United States has asked its Group of Seven allies to consider putting penalties on Russian palladium and titanium.
Source: Bloomberg, citing a source familiar with the matter, as reported by European Pravda
Details: Biden administration officials discussed the potential of applying sanctions during a meeting of G7 deputy finance ministers in Washington on 22 October. Financial officials from around the world met in the United States capital for the annual conference of the International Monetary Fund and the World Bank.
According to one source, the US proposed initiating negotiations about further undermining Russia's economy.
Palladium is a significant component in the fabrication of computer chips and automotive catalysts, whereas titanium is utilised in the manufacture of aeroplanes and medical implants.
One of the major issues is that Europe relies on these metals yet has shown little interest in mining them in the past.
Background:
- The United States has previously blacklisted Russian titanium, but these metals are critical components, and Western countries are cautious of cutting off Russian supplies for fear of disrupting global markets and destroying supply lines.
- Western countries have long been unable to reach an agreement on how to address metal restrictions against Russia. Palladium prices increased 12% in December on expectations that the metal would be next in line for limitations following the UK’s bans on the acquisition of some Russian commodities.
- Earlier this year, the US and UK put trade restrictions on Russian aluminium, copper, and nickel.
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