LONDON, (Reuters) – The London Metal Exchange (LME), Friday’s ruling ordered that any member of the LME who has positions in individuals or entities under Russian sanctions to cease making payments.

Following Russia’s invasion of Ukraine on Thursday, the United States, Britain, and the European Union put more sanctions on Russia. On Friday, the EU stated that they were planning another round.

This exchange is the largest and oldest market for industrial metals in the world. It stated in a statement it felt that some members held positions with entities or individuals that have been subject to sanction.

It stated that if this happens, members must immediately take action to ensure sanctions compliance. This includes ensuring no payment is made to sanctioned persons.

Although the LME (owned by Hong Kong Exchanges and Clearing Ltd.) hasn’t had to stop any brand due to sanctions yet, the exchange indicated that they were ready to do so if required.

LME also stated that TPK Urksplav produced one brand of aluminium alloy because it was found in one the two Ukrainian separatist regions.

According to the statement, although the brand was suspended already, there weren’t any inventories of the steel in LME storages.

If a firm does not produce metal, a brand may be taken off the market.

In 2018, the LME removed from its list approved brands aluminum produced by Russia’s Rusal, after being sanctioned and approved by the United States.

LME indicated that they would keep updating the webpage with their comments regarding sanctions impacting LME metals.