US Urges G7 Allies to Sanction Russian Palladium and Titanium, According to Bloomberg

The United States has encouraged its G7 allies to consider imposing sanctions on Russian palladium and titanium, Bloomberg reported on October 23, citing an anonymous source.

US officials raised this possibility during a meeting of G7 deputy finance ministers on October 22 in Washington, D.C., proposing discussions aimed at further weakening Russia's economy.

Palladium is crucial for producing computer chips and catalytic converters, while titanium is essential for manufacturing airplanes and medical implants.

However, Europe's dependence on these metals presents a significant challenge, according to Bloomberg. G7 members Germany, France, and Italy would require the backing of the other 24 European Union countries to implement such sanctions.

While Washington has already blacklisted Russian titanium, both metals play a vital role in global supply chains, making Western governments cautious about potential market disruptions. The West has faced ongoing difficulties in deciding how to sanction Russian metals.

In December, speculation about future sanctions drove palladium prices up by 12% after London imposed restrictions on certain Russian metals. Earlier this year, the US and UK also enacted sanctions on Russian aluminum, copper, and nickel.