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U.S. may block Russian aluminum imports -source

By Trevor Hunnicutt WASHINGTON (Reuters) -The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow's military...
U.S. may block Russian aluminum imports -source © Reuters. A worker stores aluminium ingots at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in Krasnoyarsk, Russia October 3, 2018. REUTERS/Ilya Naymushin
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By Trevor Hunnicutt

WASHINGTON (Reuters) -The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow's military escalation in Ukraine, a person briefed on the conversations told Reuters.

Such a move, which has not been finalized, would likely boost global prices for the metal used in a wide range of consumer products and could reverse a previous White House stance that such sanctions could wreak havoc on global markets.

"We're always considering all options," said a White House official. "There is no movement on this as of now."

The Treasury and Commerce departments did not immediately respond to requests for comment from Reuters.

The administration's choices include an outright ban, raising tariffs to levels so punitive they would constitute an effective ban, or sanctioning United Co Rusal International PJSC, the company also known as Rusal that produces Russia's metal, according to Bloomberg, which first reported the conversations about an aluminum ban earlier on Wednesday.

Rusal, the world's largest aluminum producer outside China, did not immediately reply to a Reuters' request for comment.

Russian attacks using more than 100 missiles have killed at least 26 people across Ukraine since Monday, when Russian President Vladimir Putin ordered what he called retaliatory strikes against Ukraine for an explosion on a bridge.

"It's brutal, it's beyond the pale," President Joe Biden said on Wednesday, a day after he pledged ongoing assistance to Ukrainian President Volodymyr Zelenskiy.

Shares of U.S.-based aluminum producer Alcoa (NYSE:AA) Corp were last trading up 5.1% in New York, following the report. Shares of Rio Tinto (NYSE:RIO) Plc , which produces aluminum as well as iron ore, copper and other metals, fell about 1% on Wednesday in London.

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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SJC Eximbank8,300/ 8,500
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