Senators at the Foreign Relations subcommittee hearing raised concerns about alleged Russian dumping of palladium and platinum on global markets, arguing the practice threatens U.S. producers and jobs at Montana’s Stillwater and East Boulder mines.

Senator Daines described market manipulation he said has driven down palladium prices, forced the Stillwater Mine to lay off about 700 workers and increased U.S. reliance on Russian supplies. He cited a recent fatal electrical accident at the Stillwater operation and expressed condolences to the affected families before urging trade remedies and sanctions. Daines has introduced the Stop Russian Market Manipulation Act, Senate bill 808, to prohibit specified Russian imports of critical minerals.

Deputy Assistant Secretary Scott Woodard acknowledged that smaller mineral markets can be vulnerable to manipulation and described administration efforts to strengthen domestic processing and financing to help U.S. producers compete. Ambassador Pratt also agreed the U.S. needs to “break monopolistic behavior” and described ongoing arrangements with African partners and U.S. firms to secure feedstock for U.S. refiners.

Senator Daines proposed targeted tariffs or sanctions and said such measures could restore jobs “in a very short period of time.” Witnesses offered condolences for the fatality at the Montana mine and discussed policy tools including coordinated trade remedies, Defense Production Act authority and strengthened public finance to support U.S. mining and processing capacity.