Hindalco, Nalco shares rose up to 4% on February 19, as EU envoys agreed on the sixteenth package of sanctions against Russia.
The sanctions include a ban on Russian primary aluminium imports and the listing of 73 new shadow fleet vessels. These sanctions have been imposed just days before the third anniversary of the Russia-Ukraine conflict.
At 1:45 pm, Nalco shares were trading 4% higher at Rs 186.78 per share, while Hindalco shares were up 2% at Rs 624.55 per share on the BSE.
For example, additional transit restrictions are expected on certain flat-rolled products of alloy steel, certain machine tools and certain automotive parts and accessories.
At 1:45 pm on February 19, Tata Steel shares were trading 1% higher at Rs 135.8 per share.
The aluminium import ban will be phased out a year after the official adoption of the package, which also added 48 individuals and 35 entities to a sanctions list, including asset freezes and travel bans.
Progress on the EU’s latest sanctions comes after US President Donald Trump’s administration said on Tuesday it had agreed to further talks with Russia to end the war in Ukraine, after an initial meeting that did not include Kiev – a departure from Washington’s previous approach that united US allies to isolate Russian President Vladimir Putin.
The EU, along with other Western powers, has been ramping up sanctions in recent months to slash Russia’s oil exports. Besides ships, envoys agreed to restrict transactions with ports and airports in Russia to circumvent the Group of Seven price cap on Russian oil.
Sales of video game consoles, joysticks and flight simulators would also be restricted because they could be used by Russia’s military to control drones, an EU diplomat said.
Other sanctions include exports of chromium and some chemicals, as well as service restrictions for oil and gas refineries.
