UK and US tighten restrictions on Russian metal exports
On 12 April 2024, the UK and the US jointly announced stricter measures against Russian metal exports, bringing the London Metal Exchange and the Chicago Mercantile Exchange into the existing bans. This move prohibits the on exchange trading of new aluminium, copper, and nickel produced by Russia.
The value of Russian metal exports has been declining since the Ukraine invasion, dropping from $25 billion in 2022 to $15 billion in 2023. By expanding the ban, both countries aim to further restrict Russia's revenue streams for funding its war efforts.
The measures exempt existing trading in those Russian metal commodities to minimise market disruption. The ban excludes titanium and platinum group metals due to supply chain concerns.
For further information, you can access the UK’s Government news release here.
On 30 April 2024, the UK Government issued an updated guidance offering a summary of regulations concerning metals originating from or linked to Russia here.
The updated guidance should be considered in conjunction with Notice to Importers 2953: Russia Import Sanctions, here and accompanying statutory guidance, here.
The London Metal Exchange also published new guidance (Notice 24/171) and can be found here.
