Home Business News US and UK sanction Russian metals from the world’s two largest exchanges

US and UK sanction Russian metals from the world’s two largest exchanges

by Thea Coates Finance Reporter
15th Apr 24 12:26 pm

The US and UK have sanctioned Russian metals from two of the world’s largest metal exchanges which is one of Moscow’s largest sources of revenue.

Russian aluminium, nickel and copper will now no longer trade at the London Metal Exchange and the Chicago Mercantile Exchange as they have banned the exports.

Whatever existing stock of Russian metal there maybe will be exempt and this is to avoid destabilising the Metal Exchanges.
After energy metal is Russia’s largest export which has raised some $40 billion in revenue since Vladimir Putin invaded Ukraine.

The Chancellor Jeremy Hunt said, “Disabling Putin’s capacity to wage his illegal war in Ukraine is better achieved when we act alongside our allies.

“Thanks to Britain’s leadership in this area, our decisive action with the U.S. to jointly ban Russian metals from the two

largest exchanges will prevent the Kremlin funnelling more cash into its war machine.”

Sanctions Minister Anne-Marie Trevelyan said, “Today’s action ratchets up economic pressure on Putin, further depriving him of the key resources and revenue streams he needs to fund his illegal war in Ukraine.

“We have now imposed extensive trade sanctions on Russian-origin oil, gas, gold, diamonds, iron, steel, and base metals, dealing a heavy blow to Putin’s war economy. But we must continue to work with our allies to further tighten the screws on the Kremlin.”

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