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London Metal Exchange suspends some Russian metal from its UK warehouses -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: London Metal Exchange headquarters are visible in London City, Britain. Jan 18, 2018, REUTERS/Peter Nicholls/File Photograph

LONDON (Reuters), The London Metal Exchange has announced that on Friday, it will stop deliveries to Russia of metals into approved British warehouses. These include Norilsk Nickel and Aluminium from Rusal.

According to the LME, any delivery of Rusal’s aluminium or JSC Uralelektromed’s copper to its warehouses in Britain must have come from Russia at least three months before March 25, according to LME.

The announcement comes after the UK slapped 35% additional duties on imports of Russian copper, lead, primary aluminium and aluminium alloy on March 15 https://www.gov.uk/government/news/uk-announces-new-economic-sanctions-against-russia.

Also included in the suspension is lead from JSC Uralelektromed

LME is the oldest and largest venue in trading metals. It has stated that it will not exceed what Russian sanctions require.

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