Russian Metal Hit With Sanctions as US Blocks Deliveries to LME
- Restrictions on aluminum, copper, nickel made after April 13
- Washington aiming to cut revenues that fund war in Ukraine
A worker at the Khakas aluminium smelter in Sayanogorsk, Russia.
Source: BloombergThis article is for subscribers only.
The US and UK imposed new restrictions on trading Russian aluminum, copper and nickel that will reverberate across global metal markets, in the latest bid to curb President Vladimir Putin’s ability to fund his war machine.
The rules prohibit delivery of new supplies from Russia to the London Metal Exchange — where the global benchmark prices are set — as well as to the Chicago Mercantile Exchange. The restrictions apply to copper, nickel and aluminum produced on or after April 13, and the US is also banning Russian imports of all three metals.