The London Metal Exchange (LME) announced on Tuesday that it has suspended the supply of Russian non-ferrous metals to its warehouses registered in the United States in connection with the planned introduction of duties by Washington.
Source. It is reported by Reuters.
The United States announced on Friday that it will impose a 200% duty on aluminum products from Russia starting March 10. The LME also reported that the United States has raised tariffs on other metals.
The London Stock Exchange, the world's oldest and largest trading platform for industrial metals, announced that it has suspended the issuance of warrants on primary aluminum, copper, lead, nickel and North American aluminum alloy (NASAAC) of Russian origin.
A London Metal Exchange warrant is a document that records ownership of metal in warehouses.
LME is owned by Hong Kong Exchanges and Clearing Ltd.
Background. As a reminder, Washington will impose a 200% duty on aluminum products from Russia in the spring, according to a document signed by the US President.