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The major Russian aluminium producer, Rusal, opened a new tab and stated that the US and UK's new sanctions against Russian metals will not affect its capacity to provide aluminium to international markets. Last week, Washington and London prohibited the admission of fresh Russian-produced aluminium, copper, and nickel on metal trading platforms and blocked the importation of these metals into the US and the UK.
In accordance with fresh restrictions, the London Metal Exchange (LME) prohibited trading in Russian metal manufactured on or after April 13. The Kremlin warned that the sanctions were unconstitutional and a double-edged sword that would harm those who imposed them. The action is aimed at disrupting Russian export revenue in response to what Moscow calls a "special military operation" in Ukraine. Russia is a major producer of aluminium, copper and nickel.
"The announced actions have no impact on Rusal's ability to supply since Rusal's global logistic delivery solutions, access to banking system, overall production and quality systems are not affected," said Rusal, the world's largest aluminium producer outside China with a global share of 5.5%. "The U.S. determination does not impose any new prohibitions or requirements relating to the processing, clearing or sending of payments by any intermediary banks."
Rusal and Russian mining giant Norilsk Nickel opened a new tab. The world's largest palladium producer and a major producer of high-grade nickel have not been directly targeted with Western sanctions over the conflict in Ukraine.
In March, the share of available aluminium stocks of Russian origin in warehouses approved by the LME stood at 91%, while the proportion of copper stocks was 62%. Russian nickel in LME warehouses amounted to 36% of the total.
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