The latest on Russia sanctions from the International Trade and Supply Chain Team
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On February 24, 2023, the Biden Administration announced the imposition of additional tariffs on Russian imports of aluminum and approximately 100 other individual products.  The imposition of these additional tariffs was announced on the one-year anniversary of Russia’s invasion of Ukraine. The White House announced its continued support of Ukraine in a series of actions said to “hold Russia accountable,” and included both new import tariffs as well as additional export control restrictions, Entity List designations and economic sanctions targeting individuals and entities operating in Russia as well as those assisting with Russia’s war efforts in Ukraine.

The February 24th proclamation issued by President Biden effectively increases tariffs for over 100 Russian metals, minerals, and chemical products from 35% to 70%.  

In addition, a second proclamation is expected to impose a 200% tariff on Russian aluminum and aluminum derivative articles that are the product of Russia. The 200% tariff will begin March 10, 2023. In addition, there will be a 200% tariff imposed on aluminum articles and derivative aluminum articles where any amount of primary aluminum used in the manufacture of those articles was smelted or cast in Russia. That increase is set to take effect April 10, 2023.

Husch Blackwell is monitoring developments relating to the import restrictions on Russia closely and will provide further insight and updates as information becomes available.  In the meantime, for guidance or questions relating to these new import tariffs, companies can contact the Husch Blackwell International Trade and Supply Chain team.