ALEXANDER KNOBEL: “RUSSIAN EXPORTS TO THE US HAVE ACTUALLY COME DOWN TO NUCLEAR FUEL, FERTILIZERS AND PLATINUM GROUP METALS”

In October 2022, the USA imported from Russia $732 mn worth of goods, the maximum over the past five months. Russian exports to the US came actually down to nuclear fuel, fertilizers, and platinum group metals. In Spring 2022, the US banned the imports of Russian oil and petrochemicals, diamonds and sea foods, while in summer they introduced a 35% protective tariff on imports of Russian steel, some types of aluminum products, rubber, wood and other. On the back of it the imports from Russia fell fivefold as compared with $2.6 bn in February.

According to the detailed data of the US authorities, in October Russian export supplies to the US came actually down to nuclear fuel, mineral fertilizers, and platinum group metals. These commodities are not under sanctions and US importers take full advantage of this trade, Alexander Knobel notes. At the same time, supplies of iron, steel and aluminum were reduced virtually to zero ($1.1 mn in October).

In October, the imports to the US of enriched uranium and raw palladium from Russia were equal to $184.7 mn and $189 mn, respectively. Apart from palladium, in October the US imported from Russia $34.7 mn worth of platinum and $29.6 mn worth of rhodium. Rhodium is a rare and very expensive precious metal which is used in various sectors of the industry. The US imports duty free all platinum group metals. At the same time the US has virtually stopped importing Russian aluminum. Finally, Russian supplies of mineral fertilizers (nitrogen and complex ones) to the US amounted to $183 mn. From January through October 2022, the US imported $1.36 bn worth of Russian fertilizers, that is, already more than in the entire 2021. The US did not introduce sanctions against production, sale, transportation or insurance of Russian agricultural products, including fertilizers, the US Treasury Department specified in July.