Palladium Jumps After US Suggests Sanctions on Russian Exports
- US asks allies to consider steps to squeeze Russian war effort
- Russia’s Norilsk Nickel is world’s top palladium producer
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Palladium surged as much as 9.5% after the US asked the Group of Seven allies to consider sanctions on Russian exports of the precious metal.
The Biden administration floated the potential restrictions at a meeting of G-7 finance officials in Washington this week as it mulls fresh ways to squeeze President Vladimir Putin’s war efforts. Russia’s MMC Norilsk Nickel PJSC is the biggest producer of palladium, which is mainly used in catalytic converters for automobiles. Norilsk Nickel’s press service declined to comment.