Posted on Mar 22, 2022
The London Metal Exchange is weighing a ban on Russian metals, and is in talks with governments...
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The London Metal Exchange is debating whether to block Russian metal deliveries to its warehouses and is in discussions with governments about a ban, its chief executive told Bloomberg.
"We obviously are deeply concerned about the situation in Ukraine, and we want to make sure that the LME can't be part of financing any type of atrocity of that nature," Matthew Chamberlain said in a video interview released Tuesday.
Chamberlain said any decisions will depend on government policy on sanctions. He noted Russian metal is not currently sanctioned, and so is allowed in the warehouse network, but did not dismiss a possible change in the situation.
"We obviously are deeply concerned about the situation in Ukraine, and we want to make sure that the LME can't be part of financing any type of atrocity of that nature," Matthew Chamberlain said in a video interview released Tuesday.
Chamberlain said any decisions will depend on government policy on sanctions. He noted Russian metal is not currently sanctioned, and so is allowed in the warehouse network, but did not dismiss a possible change in the situation.
The London Metal Exchange is weighing a ban on Russian metals, and is in talks with governments...
Posted from markets.businessinsider.com
London
United Kingdom
Russia
Mining and Metals
International Trade
Posted 2 y ago
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PO1 William "Chip" Nagel
..."Chamberlain said any decisions will depend on government policy on sanctions. He noted Russian metal is not currently sanctioned, and so is allowed in the warehouse network, but did not dismiss a possible change in the situation.
"We are absolutely working with government to communicate the concerns of the market, and we'll see where that goes," he said.
A ban on Russian supplies could have a big impact on metals like copper, nickel, and aluminum, as the country is a key force in the global metals trade.
"If we ban metals from our warehouses, we're not just making a decision about our business, we're making a decision on behalf of the whole market," Chamberlain said.
Russia's war with Ukraine triggered sanctions from the US and its allies, partly with the aim of squeezing the country's ability to trade by cutting it off from the financial system. That, added to the risk Russia could decide to retaliate by holding back its exports, has spurred fears about a disruption to supply.
Those fears have rattled commodity markets and prompted sharp movements in metal prices, notably in nickel. Russia is the world's biggest exporter of palladium, the second-largest of platinum and the third-largest nickel producer."...
..."Chamberlain said any decisions will depend on government policy on sanctions. He noted Russian metal is not currently sanctioned, and so is allowed in the warehouse network, but did not dismiss a possible change in the situation.
"We are absolutely working with government to communicate the concerns of the market, and we'll see where that goes," he said.
A ban on Russian supplies could have a big impact on metals like copper, nickel, and aluminum, as the country is a key force in the global metals trade.
"If we ban metals from our warehouses, we're not just making a decision about our business, we're making a decision on behalf of the whole market," Chamberlain said.
Russia's war with Ukraine triggered sanctions from the US and its allies, partly with the aim of squeezing the country's ability to trade by cutting it off from the financial system. That, added to the risk Russia could decide to retaliate by holding back its exports, has spurred fears about a disruption to supply.
Those fears have rattled commodity markets and prompted sharp movements in metal prices, notably in nickel. Russia is the world's biggest exporter of palladium, the second-largest of platinum and the third-largest nickel producer."...
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