Britain and US block trade of Russian metals to stem funding for ‘Kremlin war machine' [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
The London Metal Exchange and the Chicago Mercantile Exchanges will no longer trade new aluminium, copper and nickel produced by Russia, in an effort to hinder one of the country's biggest sources of revenue. Both exchanges have warehouses all over the world and help to set global benchmark prices for the trade of base metals. Any existing stock of Russian metal will be exempt from the measures to avoid destabilising the market. UK Government legislation to directly ban imports of Russian metals was previously introduced last December. Metal is Moscow's biggest export commodity after energy, and although their value has been waning since the invasion of Ukraine, it has raised around 40 billion dollars (more than £32 billion) in revenue through the trade since 2022. It is hoped the latest round of exemptions will help to cripple Vladimir Putin's war machine by constraining Russia's ability to make money from new metals. The restrictions were designed to avoid market disrup
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