The U.S. and Great Britain have expanded sanctions against Russia, introducing a ban on the import of aluminum, copper and nickel of Russian origin.
In addition to the direct ban on supplies, the sanctions also include restrictions on the use of these metals produced in Russia on global metals exchanges and in over-the-counter derivative transactions.
Commodity exchanges such as the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME) will be prohibited from accepting Russian aluminum, copper and nickel.
The new restrictions do not apply to the existing stocks of Russian metals in the warehouses of both exchanges, and it will still be possible to carry out trading operations with those. However, both exchanges will no longer be able to purchase these metals from Russian suppliers.
Nickel and aluminum prices rose more than 8% in early trading on the LME on Monday following the ban.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
