LME and CME: US and UK ban Russian raw materials
LME and CME: US and UK ban Russian raw materials

15 April 2024 – US and UK sanction Russian raw materials and ban sales on LME and CME. Will the reluctant EU now also join these new sanctions? Nickel and aluminium in particular jump significantly at the start of trading on the LME.

LME and CME: US and UK ban Russian raw materials

On Friday, the governments of the United States and the United Kingdom not only announced new sanctions against Russian raw materials, but also issued a general ban on the sale of nickel, aluminium and copper from new production from 13 April 2024 on the two major commodity exchanges LME (UK) and CME (US). The joint action is expected to affect Russian commodity exports totalling USD 40 billion.

In the past, the management of the London Metal Exchange had repeatedly refused to remove Russian raw materials from its portfolio at its own initiative and referred responsibility for this to the British government.

The US and UK governments are thus clearly setting themselves apart from the hesitant behaviour of the European Union, which has shown itself to be internally divided and without a clear line on sanctions against Russian base metals.

Nickel and aluminium react clearly to US/UK announcements

Nickel and aluminium in particular reacted to the start of trading on the LME today (Monday) and in response to the ban on the sale of Russian raw materials with price jumps of more than 5% in some cases.

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