London Metal Exchange suspends some Russian metal from its UK warehouses
2022.04.01 16:14
FILE PHOTO: The offices where the London Metal Exchange is headquartered are seen in the City of London, Britain, January 18, 2018 REUTERS/Peter Nicholls/File Photo
LONDON (Reuters) – The London Metal Exchange said on Friday it will suspend deliveries of some metals produced in Russia into its approved warehouses in Britain including copper from Norilsk Nickel and aluminium from Rusal.
Any deliveries of aluminium produced by Rusal and copper produced by Norilsk Nickel and JSC Uralelektromed into its approved warehouses in Britain had to have been exported from Russia before March 25, the LME said.
The announcement comes after the UK slapped 35% additional duties on imports of Russian copper, lead, primary aluminium and aluminium alloy on March 15 https://www.gov.uk/government/news/uk-announces-new-economic-sanctions-against-russia.
The suspension also includes lead produced by JSC Uralelektromed.
The LME, the world’s largest and oldest venue for trading metals, has said it would not go beyond what government sanctions on Russia prescribe.
