![]() ![]() Both Russia and Ukraine are major grain exporters to Africa and the Middle East. Targeting entities involved in grain trading is a rare move as such activity typically comes under humanitarian exemptions. "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.īritain is sanctioning 86 individuals and entities as part of a new crackdown on what it called "shady individuals and entities" connected to the theft and resale of Ukrainian grain, something Russia has been accused of and has denied. 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. Russia is a major producer of aluminium, nickel and diamonds. "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. 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. Plans to target Russian metal follow the imposition of import tariffs and restrictions, meaning the impact on Russian exports to the UK will be muted.ĭata shows Britain imported only a small proportion of its aluminium, nickel and diamonds from Russia and did not import any copper from Russia last year. The UK has already sanctioned 1500 individuals and entities, freezing more than 18 billion pounds ($A34b) of assets in the UK, and sanctioned over 20 billion pounds ($A37b) of UK-Russia goods trade, the statement said. "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 on Friday.
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