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City of London

LME Opens Door to Potential Ban on New Supplies of Russian Metal

  • Consumers’ willingness to use Russian metal has evolved: LME
  • Paper lays out options for action, including immediate ban
An aluminum smelter in Sayanogorsk, Russia.

An aluminum smelter in Sayanogorsk, Russia.

Source: Bloomberg

Updated on

The London Metal Exchange began a formal discussion on a potential ban on new Russian metal as a response to growing concerns in the market over how to handle the country’s supplies.

Any move by the LME could have a significant impact on global metals markets such as aluminum, nickel and copper, which so far have not been targeted by broad western sanctions against Russia. It could also hit top Russian producers like United Co. Rusal International PJSC and MMC Norilsk Nickel PJSC by making traders and manufacturers less willing to buy their metal.