EU Supply Chain Diversification Law Takes Effect

The European Critical Raw Materials Act officially took effect May 23, the European Commission said, adding that the law should help Europe diversify its critical raw materials supply chains. The law could lead to limits on annual imports of certain raw materials from third countries and sets benchmarks to ensure, by 2030, that no third country accounts for more than 65% of bloc’s annual consumption of a “strategic raw material,” according to new guidance issued by the commission.