Obama extends possible scope of sanctions to include mining, metals
(Minews) - US president Barack Obama signalled in an executive order on Thursday March 20 that metal producers and miners in Russia could face sanctions in the event that the situation in Ukraine escalates.
The US government imposed sanctions on energy and base metals trading firm Gunvor co-founder Gennady Timchenko, alongside a number of other businessmen and politicians in Russia, on March 20.
Gunvor said on March 20 that Timchenko sold his stake in the firm to fellow co-founder and ceo Torbjorn Törnqvist the previous day.
But Obama, with one eye on the recent annexation of Crimea and the potential for Russia to make moves into eastern Ukraine, also raised the possibility that the USA would take action against the metals, mining and energy industries in Russia.
Russia is a large exporter of material such as aluminium, nickel, ferro-alloys and cobalt.
Customers of metal producers in Russia polled are sceptical for the moment that sanctions will be ramped up to the point that it will affect their flow of metal, though they acknowledge that could change rapidly in the event of escalation in Ukraine.
Publish date : Friday 28 March 2014 20:27
Story Code: 5871
