Sanctions against Russian Federation

In 2021, the country imported $213 million worth of Russian steel products

Canada has banned the import of aluminum and steel products from the Russian Federation. This is stated in the statement of the Canada’s Ministry of Finance, published on March 10, 2023.

The department specified that the ban applies to all aluminum products in Russia, in particular raw and sheet aluminum, as well as finished products, including dishes and other household goods. Also all primary Russian steel products, including pig iron and non-alloy steel, semi-finished products and finished products such as pipes are covered by the ban.

According to the Ministry of Finance, in 2021, Canada imported $45 million worth of aluminum from the Russian Federation, and $213 million worth of Russian steel products.

According to the message, Canada’s ban will further deprive Russia of the opportunity to receive the revenues necessary to finance the war against Ukraine.

Prime Minister of Ukraine Denys Shmyhal on Twitter thanked the Canadian government for the restrictions imposed on Russian steel industry. He added that he hoped for similar decisions from other countries.

At the end of February, the London Metal Exchange (LME) announced that it has suspended the issuance of warrants (certificates of goods receipt for storage) for non-ferrous metals of Russian origin from its warehouses located in the USA. This move is related to the announcement by the United States on February 24, 2023, of additional tariffs on Russian metals. In particular, since March 10, 2023, the United States has introduced a 200% tariff on Russian-made aluminum, as well as aluminum products made in third countries from steel smelted in the Russian Federation.

As GMK Center reported earlier, from April 1, 2023, the USA will introduce a 70% customs tariff on pig iron imports from the Russian Federation. This rate will be extended to other steel and ferroalloy products, as well as scrap.