Today’s action brings the world’s two largest metal exchanges into the scope of existing bans.
- Russian metal producers blocked from profits from the London Metal Exchange and the Chicago Mercantile Exchange, reducing a crucial source of revenue for the Kremlin.
- Joint UK and U.S. action builds on ban of metal imports, targeting $40 billion of Russian exports of aluminium, copper and nickel.
The UK and the U.S. have together announced joint action to clamp down harder on prohibited Russian metal exports, by today bringing the world’s two largest metal exchanges into the scope of the existing bans.
The London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME) will no longer trade new aluminium, copper and nickel produced by Russia. Metals are Russia’s largest export commodity after energy, though their value has been decreasing since Russia’s invasion of Ukraine. In 2022 they were $25 billion, dropping to $15 billion in 2023 due to the efforts of the G7 and allies to curtail the market. Today’s action will go further to constrain Russia’s ability to make money from its shrinking metals exports, dealing another blow to President Vladimir Putin’s funding for his illegal war in Ukraine.
Jeremy Hunt, Chancellor of the Exchequer, 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.
To read more, please visit: UK and U.S. to clamp down harder on the trade of Russian metals – GOV.UK (www.gov.uk)
