The UK and the U.S. have announced new joint actions to clamp down on prohibited Russian metal exports, by bringing the world’s two largest metal exchanges into the scope of the existing bans.

The joint UK and U.S. actions will:

  • Block Russian metal producers from profits from the London Metal Exchange and the Chicago Mercantile Exchange;
  • Build on the existing ban on metal imports, targeting $40 billion of Russian exports of aluminium, copper and nickel; and
  • Exempt the existing stock of Russian metal on the global exchanges so they can still be traded and withdrawn, as to reduce risks to market stability.

Firms should review the action and take any appropriate measures to ensure compliance with sanctions rules.

Share with: