Russia, Palladium, and Semiconductors

Palladium is critical to the U.S. economy and national security. Russia is the largest supplier of the metal to the United States. When the war in Ukraine began in February 2022 and sanctions against Russia were imposed, many reports highlighted how reliant the western world is on palladium from Russia. This executive briefing briefly describes palladium and its uses, including semiconductor production; expands on Russia’s role in the palladium supply chain; and discusses the effect Russian supply has on pricing.