The London Metal Exchange is planning to discuss a ban on new deliveries of Russian metal such as aluminium, nickel and copper so that its warehouses cannot be used to offload hard-to-sell stock.
Western countries have sanctioned Russian banks and wealthy individuals connected to President Putin since Russia’s invasion of Ukraine in February but so far there are no restrictions on buying Russian metal.
There has been mounting concern that Rusal, the Russian aluminium producer, would not be able to sell its metal and would deliver it to registered warehouses of the 145-year-old metal exchange, according to Reuters. The London exchange is the world’s biggest market for industrial metals.
The London exchange cannot ban Russian metals without sanctions on the companies that produced them.
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