New Sanctions Bar UK Entities From Trading Most Russian Metals
- LME says restrictions won’t impact access to its exchange
- Metal prices rally as traders struggle to understand impact
A worker melts gold into a crucible in the foundry at a metals plant in Krasnoyarsk, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
New UK sanctions will prohibit British citizens and companies from trading in a wide range of Russian metals, according to documents published by the government Thursday.
Prices of metals produced by Russia surged as panicky traders struggled to understand how widespread the impact of the measures would be. Aluminum rose as much as 3.7% and copper 3.1%. Palladium, which isn’t covered, jumped as much as 12%.