The United States and the United Kingdom have jointly expanded sanctions against Russia by targeting its metal exports, a significant revenue source for Moscow following its 2022 invasion of Ukraine. These sanctions include a ban on Russian metals on exchanges, prompting the London Metal Exchange (LME) to suspend the listing of warehouses globally for metals produced by certain brands post-April 13, 2024. The LME has also imposed requirements to remain in effect until further notice and acknowledged potential market uncertainties due to the amended sanctions package. As a result, aluminum prices surged over 6%, nickel prices increased by 7%, copper and zinc rose by 2%, and aluminum experienced its most significant rally since at least 1987, reaching the highest level in decades. This dramatic market response underscores the sanctions' impact on global metal trade, with the LME noting the inability to monitor violations effectively and outlining specific reporting requirements for UK members and clients.
Stocks in News | Metal sector in focus after US imposes sanctions on use of Russian metals on exchanges— here's @nikunjdalmia's take! https://t.co/3drnLudcei
US and UK sanctions on Russian metals will cement China as Moscow’s buyer of last resort for key commodities https://t.co/NcJ6ffFIqE
Aluminum spiking Monday. Prices were up over 9% earlier, single-biggest spike in over 30 years. Why? US, UK ban on Russian supplies https://t.co/YYFqXfPrHK https://t.co/ONPgjqxohP
Aluminium Rallies Most Since At Least 1987 After US, UK Curbs
ALUMINUM RALLIED MOST SINCE AT LEAST 1987 AFTER US, AND UK CURBS.-BBG https://t.co/xVQoVbo6qv
*ALUMINUM RALLIES MOST SINCE AT LEAST 1987 AFTER US, UK CURBS https://t.co/dWcAXvDpDc
ALUMINUM SURGES TO HIGHEST LEVEL IN DECADES FOLLOWING US AND UK RESTRICTIONS
LME metals surged after the U.S. and U.K. sanctioned metals from Russia. LME #Nickel +7%, #aluminum +6%, #copper and #zinc +2%. https://t.co/6ciU3Xgpl7
Aluminum, copper, and nickel prices are surging on the London Metal Exchange following the sanctions announced on Friday https://t.co/JfoJ1OnsaB
ALUMINUM JUMPS MORE THAN 6% AFTER SANCTIONS ON RUSSIAN METAL
*ALUMINUM JUMPS MORE THAN 6% AFTER SANCTIONS ON RUSSIAN METAL This will make those AI data centers even cheaper. Oh wait...
CME Bans Russian Aluminium After US, UK Impose New Sanctions - MS https://t.co/TWGkO533IS
ALUMINUM SURGES OVER 6% FOLLOWING SANCTIONS ON RUSSIAN METAL INDUSTRY
ALUMINUM, NICKEL, AND COPPER PRICES SURGE ON LME FOLLOWING US AND UK SANCTIONS
Metal traders are bracing for dramatic moves after the London Metal Exchange responded to new US and UK sanctions by banning deliveries of any Russian supplies produced after midnight on Friday https://t.co/H0wRo2KlOz
Russia Shut Out From Metals Exchanges Under New Sanctions On Aluminum, Copper, Nickel #aluminum #nickel #copper #mining #metals #Russia https://t.co/OmG73UQ3EN via @TheDeepDive_ca
This page sets out the LME’s understanding of how recent US, UK and EU sanctions against #Russia and disputed Ukrainian areas may affect the LME’s market. https://t.co/odOnlnaJX8
LME REQUIREMENTS TO REMAIN IN FORCE UNTIL FURTHER NOTICE
LME UNABLE TO MONITOR VIOLATION OF SANCTIONS AS MEMBERS CANCEL RUSSIAN WARRANTS
LME MAJORITY MEMBERS UK PERSONS, MUST ADHERE TO AMENDED SANCTIONS PACKAGE
LME: NON-UK MEMBERS CAN FACILITATE LME ACTIVITIES FOR UK AND NON-UK CLIENTS AS ENTITLED
LME WAREHOUSE CO TO ACCEPT ONTO WARRANT ONLY METAL PRODUCED BEFORE APRIL 13, 2024
LME LIMITS METAL WARRANTING TO PRE-13 APRIL 2024 PRODUCTION EVIDENCE
LME NOTIFIES CLIENTS TO REPORT RUSSIAN WARRANT WITHDRAWAL WITHIN 30 DAYS OF UK MEMBERSHIP CANCELLATION OR AMENDMENT OF TRADE LICENSE
LME ACKNOWLEDGES POTENTIAL MARKET UNCERTAINTY DUE TO AMENDED SANCTIONS PACKAGE
LME UK MEMBERS AND CLIENTS TO NOTIFY BUSINESS SECRETARY OF CANCELED/WITHDRAWN RUSSIAN WARRANTS: NAME AND EORI NUMBER REQUIRED
LME SUSPENDS LISTING WAREHOUSES GLOBALLY FOR CERTAIN BRAND-PRODUCED METALS
RECORD KEEPING REQUIREMENTS FOR LME-UK CLIENTS AND MEMBERS WHO CANCEL RUSSIAN WARRANTS AND/OR WITHDRAW UNDERLYING METAL
"things" continue to move East U.S., U.K. to Ban Exchanges From Dealing in Russian Metals https://t.co/r103oa17x9
The United States and #Britain have taken joint action to widen a ban on Russian metals imports in a bid to target the important #Russian revenue source following its 2022 invasion of Ukraine. https://t.co/5oDBlnOw8N
News Alert | US imposes sanctions on use of Russian metals on exchanges #UnitedStates #Russia https://t.co/DLvHvqGmBr