The US asked Group of Seven allies to consider sanctions on Russian palladium and titanium, a person familiar with the matter said, as the Biden administration mulls fresh ways to squeeze President Vladimir Putin’s war machine.

The United States is urging its allies in the Group of Seven (G-7) to consider a new round of sanctions against Russia. This time, the focus is on two important metals: palladium and titanium. These materials play a huge role in the production of items like cars,

Officials from U.S. President Joe Biden's administration raised the possibility of these sanctions during a G7 deputy finance ministers meeting on Oct. 22 in Washington, D.C.

The United States has asked its Group of Seven allies to consider putting penalties on Russian palladium and titanium. Source: Bloomberg, citing a source familiar with the matter, as reported by European Pravda Details: Biden administration officials discussed the potential of applying sanctions during a meeting of G7 deputy finance ministers in Washington on 22 October.

Palladium futures rallied Thursday to their highest price of the year, buoyed by the suggestion of sanctions on exports of the metal from Russia, which is the world’s largest exporter.

Palladium prices rose 10% in less than a 24-hour period Wednesday after the United States petitioned Group of Seven countries to impose sanctions on Russian palladium and titanium as part of an ongoing effort to put pressure on the Russian economy amid the war in Ukraine.

Palladium surges more than 7% on Thursday after the U.S. asked the Group of Seven allies to consider sanctions on Russian exports of the metal. The Biden administration floated the potential restrictions during a meeting of G-7 finance officials in Washington this week as it considers new ways to squeeze Vladimir Putin's war efforts;