H.R. 1677: Stop Russian Market Manipulation Act

This bill, known as the Stop Russian Market Manipulation Act, aims to prohibit the importation of specific minerals from Russia into the United States. The key points of the bill include:

Import Prohibition

Starting 90 days after the bill becomes law, the following will be banned from being imported into the U.S.:

• Any mineral produced in Russia or by Russian companies.
• Minerals obtained in a manner intended to bypass this prohibition, such as through exchanges with Russian entities.

Specified Minerals

The minerals that are specified in the bill include:

• Platinum (including:
  • Palladium
  • Braggite
  • Rhodium
  • Ruthenium
  )
• Nickel, classified under heading 2604 of the Harmonized Tariff Schedule of the United States.
• Copper, along with its ores and concentrates, classified under heading 2603 of the Harmonized Tariff Schedule, which includes zinc.

Termination of Prohibition

The import prohibition will end one year after the President informs Congress that Russia has stopped hostilities against Ukraine. However, if hostilities resume within three years after that certification, the prohibition will be reinstated automatically until another certification is provided.

Presidential Authority

The bill states that the President cannot waive these import prohibitions under any circumstances.

Definition of Russian Entity

The term "Russian entity" refers to any organization that is based in Russia or subject to Russian law.

Relevant Companies

• NEM - Newmont Corporation: A significant gold and minerals mining company that may rely on global supply chains including Russian mineral imports.
• VALE - Vale S.A.: A mining company that deals with iron ore and has some exposure to base metals, which may be affected by supply impacts due to the bill.
• BHP - BHP Group: A global resources company engaged in mining and metals that could see shifts in market dynamics due to restrictions on Russian minerals.