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Aluminum, Producer Stocks Surge as Biden Administration Weighs Russia Ban

  • Metal traded in London records one of largest intraday moves
  • Potential ban could force consumers into a rush for material
Updated on

Aluminum and shares of metal producers soared following news the Biden administration is considering a ban on Russian aluminum in response to Russia’s military escalation in Ukraine.

Metal products from Russia have so far been shielded from sanctions due to their importance in everything from automobiles and skyscrapers to iPhones. The White House is eyeing three options: an outright ban, increasing tariffs to levels so punitive they would impose an effective ban, or sanctioning the company that produces the nation’s metal, United Co. Rusal International PJSC, according to people familiar with the decision-making.