This bill prohibits the import of certain minerals from Russia into the United States until the President certifies that Russia has ceased hostilities against Ukraine.
Steve Daines
Senator
MT
The Stop Russian Market Manipulation Act bans the import of platinum, palladium, nickel, and copper from Russia to the United States, 90 days after enactment. This ban will end once the President certifies that Russia has ceased hostilities against Ukraine, but will be reinstated if hostilities resume within three years. The President does not have the authority to waive this prohibition. "Russian entity" is defined as an entity organized under Russian law or subject to Russian jurisdiction.
Bill Proposes Ban on Key Russian Minerals Including Platinum, Palladium, Nickel, and Copper Starting in 90 Days
Congress is considering the "Stop Russian Market Manipulation Act," a bill aimed at cutting off specific mineral imports from the Russian Federation. If passed, the importation of platinum, palladium, rhodium, ruthenium, nickel, and copper ores/concentrates originating from Russia or produced by Russian entities would be prohibited starting 90 days after the law takes effect. The core goal is to apply economic pressure related to Russia's ongoing hostilities against Ukraine.
How the Ban Works (and When It Stops)
The proposed ban is comprehensive, covering minerals produced directly within Russia and those produced by any entity organized under Russian law or subject to its jurisdiction. It also includes a provision against minerals obtained indirectly to get around the restriction. The ban isn't necessarily permanent; it's designed to lift one year after the President formally certifies to Congress that Russia has ceased hostilities against Ukraine. However, there's a catch: if hostilities resume within three years of that certification, the import ban snaps back into place until a new certification is issued. Notably, the bill explicitly states the President cannot waive this prohibition.
Potential Ripples Through the Supply Chain
This isn't just about geopolitics; these minerals are crucial inputs for several industries. Platinum, palladium, and rhodium are key components in catalytic converters for cars, helping control emissions. Nickel is essential for stainless steel and the lithium-ion batteries powering electric vehicles and countless electronics. Copper is fundamental to wiring, plumbing, and construction. Restricting supply from a major producer like Russia could squeeze industries reliant on these materials, potentially leading to higher manufacturing costs. While the aim is to impact Russia's finances, businesses and consumers in the U.S. might feel the pinch as companies scramble to find alternative, potentially more expensive, sources for these critical minerals.