EU to propose Russian aluminum ban in sweeping sanctions package

The European Union is proposing a phased ban on imports of Russian aluminum as part of a broad sanctions package ahead of the third anniversary of the Kremlin’s invasion of Ukraine, according to people familiar with the matter, Report informs via Bloomberg.

The package — which has been circulated among member states this week — also proposes sanctions that would cut more banks off from the SWIFT banking system, and actions targeting more than 70 dark-fleet vessels involved in shipping Russian oil, the people said.

The sanctions package would allow European buyers to import 275,000 metric tons of the Russian metal under a quota system for a one-year period, before a full ban comes into effect, according to a document seen by Bloomberg. The import volume quotas would be managed by member states and the EU’s executive arm, the document says. The plans will require backing from all member states, and could change before they’re formally proposed to members, the people, who spoke on condition of anonymity, said.

The EU imported about 320,000 tons of unwrought aluminum from Russia in the first 11 months of 2024, accounting for 6% of total imports, according to UN Comtrade data. Meanwhile, shipments to China have risen sharply.

There have been calls for the EU to ban Russian aluminum ever since the invasion of Ukraine, and Russia’s shipments to the bloc have fallen steadily as manufacturers have sought out alternative suppliers. But some buyers and member states have resisted such measures up to now, on the grounds that some key products will be hard to replace in full.

It’s not a given that the EU will agree on the package, which would be the 16th against Russia. Hungary has been increasingly resistant to additional penalties on Moscow.

The EU struggled to complete a routine six-month renewal of its Russia sanctions regime this week, with Budapest lifting its block on the step only days before the expiration date.