LME bars Russian aluminium in the US warehouses
The London Metal Exchange (LME) has announced that it will suspend the issuance of warrants for aluminium metal of Russian origin from the exchange's warehouses in the United States immediately.
The United States announced new tariffs on Russian aluminium on February 24 as the impetus for this action. A 200% duty was imposed on Russian-origin aluminium as well as aluminium products manufactured in third countries from metal melted in Russia.
Furthermore, beginning April 1, a 70% import duty will be imposed on Russian-origin copper, nickel, lead, and aluminium alloys.
LME reports that US warehouses have no Russian primary aluminium, copper, nickel, or lead. Only NASAAC (400 tonnes) exists, for which no delivery obligations exist. The exchange is suspending the use of warrants for this alloy for use in the future settlement.
In a statement, the LME stressed that it is not changing the possibility of storing Russian metal outside the US.
“Therefore, the LME does not propose to ban the issuance of warrants for new Russian metal outside US warehouses.”
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