Traitor! Say Boycott, But America & Europe Themselves Buy Russian Goods

thecekodok

 As the world bears the brunt of the sanctions on Russia, the European Union (EU) and the United States have reportedly increased purchases of key industrial metals from the country.


Citing a Reuters report compiling United Nations Comtrade data, EU and US imports of key Russian base metals such as aluminum and nickel rose by 70% in the March to June quarter.


Overall, the total import value of both metals from the period was $1.98 billion.


The figures reflect the difficulty of the West in putting pressure on Russia's economy, which has unexpectedly become more resilient with its ruble currency surging as buoyant oil revenues have helped offset the effects of sanctions.



Since Russia's invasion of Ukraine began in February, the US and its allies have imposed sanctions on various Russian products, individuals and institutions, but most of the industrial metals sector remains safe.


Analysts see the US and EU's actions as they have grappled with major disruptions to the construction, auto and energy sectors caused by former US President Donald Trump's sanctions on Russian aluminum in 2018 which were lifted the following year.


Russia is the world's largest producer of aluminum after China and accounts for about 6% of estimated global production.


As for nickel, Russia accounts for about 10% of global production and the country's main producer Nornickel has produced about 15%-20% of the world's battery-grade nickel.