On February 24, 2023, the Biden Administration introduced the imposition of further tariffs on Russian imports of aluminum and roughly 100 different particular person merchandise. The imposition of those further tariffs was introduced on the one-year anniversary of Russia’s invasion of Ukraine. The White Home introduced its continued help of Ukraine in a sequence of actions stated to “maintain Russia accountable,” and included each new import tariffs in addition to further export management restrictions, Entity Checklist designations and financial sanctions concentrating on people and entities working in Russia in addition to these aiding with Russia’s battle efforts in Ukraine.
The February 24th proclamation issued by President Biden successfully will increase tariffs for over 100 Russian metals, minerals, and chemical merchandise from 35% to 70%.
As well as, a second proclamation is anticipated to impose a 200% tariff on Russian aluminum and aluminum spinoff articles which might be the product of Russia. The 200% tariff will start March 10, 2023. As well as, there might be a 200% tariff imposed on aluminum articles and spinoff aluminum articles the place any quantity of main aluminum used within the manufacture of these articles was smelted or solid in Russia. That enhance is ready to take impact April 10, 2023.
Husch Blackwell is monitoring developments regarding the import restrictions on Russia intently and can present additional perception and updates as info turns into accessible. Within the meantime, for steerage or questions relating to those new import tariffs, corporations can contact the Husch Blackwell Worldwide Commerce and Provide Chain staff.