classicarcadegamesonline| LME bans trading in new Russian metals after US and UK sanctions but will accept qualified old stocks

Financial Associated Press, April 14 (editor Xia Junxiong) after the United States and Britain launched sanctions on Russian metalsClassicarcadegamesonlineThe London Metal Exchange (LME) announced the measures it is taking on Saturday. LME will ban trading in newly produced Russian metals but will accept eligible old stocks.

The US and UK announced new trading restrictions on Russian aluminium, copper and nickel on Friday, banning LME and the Chicago Mercantile Exchange (CME) from accepting new Russian metals, including Russian aluminium, copper and nickel produced on or after April 13. The two countries also banned imports of the three metals from Russia.

Russia is one of the important producers of aluminum, copper and nickel. Russia supplies about 6 per cent of aluminium, 5 per cent of nickel and 4 per cent of copper globally, according to CRU Group, a consultancy.

The United States and Britain have imposed sanctions on Russian metals in an effort to limit Russian export earnings. U. S. officials say Russia has earned 40 billion dollars from selling the metals in the past two years.

LME said on Saturday that it would immediately suspend guarantees for Russian aluminum, copper and nickel produced on or after April 13.

"LME and LME Clear are taking appropriate measures to enable members and customers to continue to participate in the day-to-day settlement process," the metal exchange said in a notice.

LME also said Russian metals produced before April 13 could be guaranteed by metal owners and acquired by LME Clear, UK members and customers.

As the world's largest metals exchange, LME plays a key role in the global industrial metals market. More than 90 per cent of the exchange's aluminium inventory comes from Russia, according to LME. However, while announcing the sanctions, the US and UK also said that these existing stocks would not be affected.

Deliverers can provide LME with old stocks of aluminium, copper and nickel, as long as they prove that the metals are not affected by the sanctions.

Matthew Chamberlain, chief executive of LME, said on Saturday that LME recognized that sanctions could create uncertainty and lead traders to sell old Russian metal stocks to it, so a relatively large amount of Russian metal could be delivered to LME.

According to LME, the exchange will review delivery requests for Russian metals produced before April 13 on a case-by-case basis, and UK members will also need to notify the UK Department of Commerce and Trade to sell old stocks.

Tags:

Prev: 100freespincoinmaster| Seize the AI outlet! The humanoid robot industry welcomes new development opportunities, and domestic sensors have strong momentum
Next: hotchillimegaways| Novezan: The subsidiary signed a strategic cooperation agreement with Yufang Medical