US Advances Toward Heavy Tariffs on Russian Palladium Imports

The United States has taken another significant step toward imposing steep tariffs on palladium imported from Russia after the Department of Commerce finalized a countervailing duty rate of 109.1%.

Earlier, in April 2026, the department also confirmed an anti-dumping duty of 132.83% on Russian palladium shipments.

However, these measures will only be enforced if the independent International Trade Commission (ITC), which is conducting a related investigation, concludes that American producers have been materially harmed by Russian imports.

The rulings back a petition submitted by Johannesburg-headquartered Sibanye-Stillwater and the United Steelworkers union. Last summer, the two parties urged US authorities to introduce tariffs on Russian palladium imports in an effort to protect the long-term viability of domestic supply chains.

Russia’s Nornickel — the largest palladium producer globally, controlling roughly 40% of the market — declined to comment on Thursday regarding the latest developments.

The company had previously stated that the US anti-dumping probe into Russian palladium had contributed to increased volatility in the market, though it did not believe the investigation would significantly alter long-term market fundamentals.

According to Nornickel, the palladium and platinum markets remain relatively balanced, while palladium continues to play a crucial role in the production of automotive catalytic converters. The company added that it does not anticipate a sustained rise in prices because global supply chains are capable of quickly redirecting material flows where necessary.

Nornickel also forecast a decline in its palladium production for 2026, estimating output between 2.415 million and 2.465 million ounces (75.1 to 76.7 metric tons), down from 2.725 million ounces (84.8 metric tons) in 2025. If realized, this would represent the company’s lowest production level in two decades.

Meanwhile, US imports of Russian palladium have continued to rise in recent years, climbing to 27.6 metric tons in 2024 from 23.8 tons in 2023 and 20.4 tons in 2022.

Palladium, a metal widely used to curb emissions in gasoline-powered vehicles, has thus far remained exempt from US sanctions targeting Russia.

Spot prices for palladium have dropped by approximately 16% since the beginning of the year, trading at roughly $1,370 per ounce.