UPDATE 2-LME bans Russian-origin metal after UK, US impose new sanctions [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
April 13 (Reuters) - The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply with new U.S. and UK sanctions imposed for Russia's invasion of Ukraine. The sanctions aim to restrict revenues for Russia from the export of metal produced by companies such as Rusal and Nornickel that help to fund its military operations in Ukraine. The U.S. Treasury Department and the British government on Friday prohibited the 147-year old LME and the Chicago Mercantile Exchange (CME) from accepting new Russian production of aluminum, copper and nickel. If an owner of Russian metal can provide evidence that it was produced before April 13, it can still be put on LME warrant - a title document conferring ownership, the LME said. "Russian metal warrants issued on or after 13 April 2024 for metal produced before 13 April 2024 are still subject to restrictions that prevent UK LME Members and clients from cancelling or withdrawing the co
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