UK sanctions target Russian metal, ‘shady’ resellers of Ukraine’s grain

London: Britain published plans to ban imports of Russian diamonds, copper, aluminium and nickel on Friday and announced a new wave of sanctions against Russia, targeting companies connected to the alleged theft of Ukrainian grain.

But the ban will only have a muted impact as Russian exports of those commodities to the UK have already dropped after the imposition of tariffs.

Alongside the United States, Britain and other Group of Seven major economies are set to unveil sanctions and export controls targeting Russia over its war against Ukraine at the G7 summit in Japan this weekend.

“We will legislate later this year to ban imports of Russian diamonds, and end all imports of Russian-origin copper, aluminium and nickel,” British Prime Minister Rishi Sunak said in a statement.

The UK has already sanctioned 1,500 individuals and entities, freezing more than 18 billion pounds ($22.7 billion) of assets in the UK, and sanctioned over 20 billion pounds of UK-Russia goods trade, the statement said.

Data shows Britain imported only a small proportion of its aluminium, nickel and diamonds from Russia. It did not import any copper from Russia last year.

Last March the British government placed 35% additional duties on imports of Russian copper, lead, primary aluminium and aluminium alloy.

Then the London Metal Exchange (LME) suspended deliveries of Russian copper, aluminium, nickel and lead into its approved warehouses in Britain, although there was none stored in them.

“The LME will closely monitor the latest development for further details and will communicate to the market in due course should the LME consider any further action is required beyond the suspension that is already in place,” it said on Friday.

Russia is a major producer of aluminium, nickel and diamonds. Britain’s import ban plans comes as leaders of the G7 nations discuss how to trace Russia’s diamond trade with the aim of imposing restrictions at a later stage.

“The global market is fluid, rich in alternative destinations,” Kremlin spokesman Dmitry Peskov told reporters on Friday, when asked about possible future diamond restrictions in the European Union.