Metals prices rise after Britain bans companies from trading with Russia
Many companies are registered in the UK, including major traders such as Glencore and large banks
Prices for metals produced in Russia have risen sharply amid new sanctions imposed by the UK. They were published by the government on December 14. The measures prohibit British citizens and companies from trading in a wide range of Russian metals.
The sanctions list includes copper, nickel, aluminum, lead, zinc, tin, and cobalt, but does not mention precious metals such as palladium.
According to Bloomberg, as traders do not understand the extent of the new measures, metal prices have skyrocketed.
Thus, aluminum rose by 3.3% to $2210 per ton, copper by 2.7% to $8551 per ton. Palladium, which is not on the sanctions list, rose by 12% to $1114 per ton.
The bulk of the sanctions will come into effect on December 15, with the rest starting on December 26.
Although the UK is not a large consumer of metals, many companies are registered there, including major traders such as Glencore and many large banks.
The London Metal Exchange (LME) and its clients have received a license allowing them to continue trading Russian metals on the exchange, the exchange said.
London also imposed a ban on diamond imports from Russia.
Background. As it became known today, the UK bans the import of diamonds from Russia, as well as "a number of items found by Ukraine on the battlefield." Diamonds are among the ten largest non-energy exports of Russia, enriching the Russian budget.
If you have read this article to the end, we hope that means it was useful for you.
We work to ensure that our journalistic and analytical work is of high quality, and we strive to perform it as competently as possible. This also requires financial independence. Support us for only UAH 196 per month.
Become a Mind subscriber for just USD 5 per month and support the development of independent business journalism!
You can unsubscribe at any time in your LIQPAY account or by sending us an email: [email protected]
