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US Pushes Europe to Sanction Two Strategic Metals from Russia
The United States is proposing that the European Union ban imports of Russian palladium and titanium despite their importance to key industries. The proposal was presented at a meeting of G7 finance ministers in Washington. Russian titanium and palladium are important for the aviation and nuclear industries, as well as for the production of chips and car catalysts in Europe.
"The sanctions will mainly hit high-tech industries (aviation, space and automobile industries) in France, Germany and the UK. If London is able to replace Russian titanium and expand the development of reserves in Canada and Australia, Germany and France will have to look for other, more expensive suppliers," RIA Novosti reports, citing Deputy Director Svetlana Sazanova. Department of Institutional Economics, Higher School of Business, State University. These events could lead to significant economic difficulties and increased production costs in key sectors.
In addition, a ban on imports of these substances could have serious consequences for European industry, which depends on supplies from Russia. For example, the Russian company VSMPO-Avisma controls about 25% of the world titanium market. Finding alternative sources not only requires additional costs, but may not provide the volume you need in the short term.