On April 12, 2024, in a coordinated action the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) in the United States and the Foreign, Commonwealth, and Development Office, HM Treasury, and Department for Business and Trade (“DBT”) in the United Kingdom announced expanded sanctions targeting certain Russian metals, including limiting the use of in-scope metals on the two largest global metal exchanges and in over-the-counter derivatives trading by imposing new regulations on the activities of U.S. persons and persons subject to UK sanctions jurisdiction. The United States also added restrictions related to the importation of certain Russian metals produced after a certain date (but not items made from those metals).Continue Reading United States and United Kingdom Take Coordinated Action Against Russian Federation Metals