European business associations worry about effect of prohibitions on Russian aluminum
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Update time : 2022-10-26 16:48:11
Five European industry groups said they had asked European authorities to avoid applying sanctions, tariffs, or boycotts against Russian aluminum, as it could put thousands of European companies in danger.
However, now the US government is studying restrictions on Russian aluminum imports and the London Metal Exchange (LME) is asking its members for views on banning Russian metals from its system.
The associations said in a joint statement that they sent a letter to EU authorities and requested the European Commission and EU member states to intervene urgently against the threats of prohibitions, high tariffs, or sanctions on Russian-origin aluminum, which will bring a huge impact on the European aluminum industry, such as company closures and unemployment.
European industry is now facing high inflation and slowing economic growth. At the same time, high energy prices have led to the shutdown of more than a million tons of aluminum production capacity ever since 2021.
