EU's Tough Stance: Aluminium Sanctions in the Making

The European Commission plans to propose a ban on Russian primary aluminium imports as part of its 16th sanctions package against Russia due to its invasion of Ukraine. Having faced opposition previously, this move aims to decrease reliance on Russian metals and marks the war's third anniversary.

The European Commission is poised to take a significant step with its 16th package of sanctions against Russia, aiming to ban imports of Russian primary aluminium. This move targets reducing dependency on Russian metals amidst the backdrop of the ongoing conflict in Ukraine.

Informal meetings among EU diplomats, held on Tuesday, outlined the specifics of the upcoming sanctions package. Sources reveal that the aluminium ban would be implemented gradually, reflecting previous calls by 10 EU countries for additional sanctions on Russian trade, particularly its metal production.

Despite earlier resistance from some EU members, this proposed measure has gained momentum. Historically, Russian aluminium imports have seen a decline in the EU, dropping from 20% in 2022 to 6% last year. As anticipation builds, the aluminium market has reacted, with prices spiking on the news.

(With inputs from agencies.)