July 5, 2022

Biden Administration Raises Tariffs On Russian Steel And Aluminum

On June 27, 2022, the Biden administration announced that it has imposed additional sanctions on Russia in response to that country’s war on the Ukraine.

As the law firm Wiley Rein explained, the new measures include increased tariffs on Russian exports worth approximately $2.3 billion, prohibitions on the import of Russian gold into the United States, and new sanctions and export restrictions on a number of entities involved in Russia’s defense-industrial base and 29 individuals.

Tariffs will increase to 35 percent starting July 27, 2022 for 570 product categories, including steel, aluminum, minerals, ores, metals, chemicals, arms and ammunition, wood and paper products, aircraft parts, automotive parts, and others. Pig iron is not covered.

Also last week: the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a joint alert with the U.S. Department of Commerce’s Bureau of Industry and Security advising vigilance against Russian and Belarusian export control evasion. Read that alert here.

Click here to read more about this latest round of sanctions.

In related news: Prime Minister Justin Trudeau announced new sanctions against 74 people and businesses in Russia and Belarus. Find all information about Canadian sanctions on Russia at this link.

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