The European Union is considering a phased ban on Russian aluminum imports as part of a new sanctions package, according to Bloomberg.
The proposed package, circulated among member states this week, also includes sanctions targeting additional banks connected to the SWIFT banking system and measures against over 70 vessels identified as part of Russia’s “dark fleet” involved in oil shipments.
A document seen by Bloomberg outlines a quota system allowing European buyers to import 275,000 metric tons of Russian aluminum over a one-year period before a complete ban takes effect. The quotas would be managed by member states and the EU’s executive arm. The proposals require unanimous support from member states and are subject to change.
UN Comtrade data indicates the EU imported approximately 320,000 tons of unwrought aluminum from Russia in the first 11 months of 2024, representing 6% of total imports.
The EU recently struggled to renew its existing Russia sanctions regime, with Hungary lifting its block only days before the deadline. Increased pressure for action on Russia’s metals sector follows similar bans imposed by the US and UK on trading Russian metals on the London Metal Exchange last year.
Other proposed measures include prohibiting the temporary storage of Russian oil within the EU, extending restrictions on Russian aircraft, and banning transactions with Russian ports and airports used for weapons transfers. Exemptions are proposed for energy and emergency-related transfers. The package also proposes restrictions on three Russian-controlled banks abroad and entities using Russia’s SPFS system.
Separately, the EU has proposed tariffs on remaining Russian and Belarusian agricultural products and some nitrogen-based fertilizers.