Russian Metal Hit With Sanctions as US Blocks Deliveries to LME

-- The US and UK imposed new restrictions on trading Russia n aluminum, copper and nickel that will reverberate across global metal markets, in the latest bid to curb President Vladimir Putin’s ability to fund his war machine.US Sees Imminent Missile Strike on Israel by Iran, Proxies

The sanctions will also affect the willingness of traders to handle Russian metal, as many view the ability to deliver on the LME as essential, and some contracts include clauses specifying that they will be void if the metal ceases to be LME-deliverable.

The move will be a blow to major miners MMC Norilsk Nickel PJSC and United Co Rusal International PJSC, which have so far avoided western sanctions since the war started. However, many buyers have sought to avoid Russian supplies, and western producers including aluminum maker Alcoa Corp. have actively campaigned for restrictions on its production.

Comex copper futures rose after the announcement, while shares of US metal producers including Alcoa Corp. gained in post-market trading.

Source: Digital Coin News (digitalcoinnews.net)

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