Glencore and Trafigura's Sanctions Games Are Draining the LME [Yahoo! Finance]
GLENCORE PLC UNSP/ADR (GLNCY)
US:NASDAQ Investor Relations:
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Source: Yahoo! Finance
trade made possible by new UK sanctions on Russian metal, raising questions about unintended consequences from the new rules. Most Read from Bloomberg Elon Wants His Money Back New York's Rich Get Creative to Flee State Taxes. Auditors Are On to Them Dubai Grinds to Standstill as Flooding Hits City Israel Reported to Have Launched Retaliatory Strike on Iran ‘Mag Seven' Get Crushed Before Next Week's Results: Markets Wrap Trafigura Group and Glencore Plc plan to withdraw the metal to profit from a new multi-tiered system created by the sanctions, according to people familiar with the matter. The trade involves ordering out Russian metal and then re-registering it on the LME under a new, less-desirable category, while striking profit-sharing deals with warehouses to receive a sliver of the rent paid by future owners for as long as it sits there. (The longer it sits, the more money they stand to make.) Read: Traders Are Already Gaming the New Russian Metal Sanctions Nea
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