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The US asked Group of Seven allies to consider sanctions on Russian palladium and titanium, a person familiar with the matter said, as the Biden administration mulls fresh ways to squeeze President Vladimir Putin’s war machine.
Biden administration officials floated the possibility during a meeting of G-7 deputy finance ministers on Tuesday in Washington, according to the person, who asked not to be identified discussing a private discussion. Finance officials from around the world have gathered in the US capital for annual meetings of the International Monetary Fund and the World Bank.
The US raised the idea to spur conversation about further choking off the Russian economy almost three years after Putin’s forces invaded Ukraine, the person said.
Palladium is a key ingredient in computer chips and in catalytic converters for automobiles, while titanium has uses from airplanes to medical implants.
One major challenge is that Europe is reliant on the metals and has shown little appetite to target them in the past. G-7 members Germany, France and Italy would also need the backing of the other 24 members of the European Union for such sanctions.
The US has already blacklisted Russian titanium, but the metals are key inputs for everything from catalytic converters to semiconductors to airplanes, and western governments have been wary of cutting off supplies for fear of roiling global markets and disrupting their own supply chains.
The Treasury Department declined to comment.
Western nations have long struggled with their approach to metals sanctions on Russia. The price of palladium rose as much as 12% in December on speculation the metal could be next in line for restrictions after the UK issued sanctions on purchases of certain Russian metals. Earlier this year, the US and UK imposed restrictions on trading Russian aluminum, copper and nickel.
Sanctioning titanium would also provide a combative response to a recent proposal by Putin. In September, he suggested his government should think about limiting exports of some commodities such as nickel, titanium and uranium in retaliation for western sanctions after ensuring that it wouldn’t hurt Russia.
The US still buys Russian palladium. Russian company Norilsk Nickel represents about 40% of global output, a share of the market that would be hard to replace quickly.
For the European Union, supplies of both metals from Russia are critical, especially for titanium used in aviation. Putin has asked his government to consider limiting exports of titanium, which could drive prices up and hurt European airplane manufacturers such as Airbus.
(By Daniel Flatley)
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