MOSCOW (Pakistan Point News / Sputnik - 12th November, 2022) The London Metal Exchange (LME) said Friday it would continue to allow Russian metal to be traded and stored in its warehouses after it consulted market stakeholders.
The exchange launched a discussion in October to gauge market opinion about a pro-active ban on new Russian metal exports in response to growing uncertainty in the market.
"The LME does not propose to prohibit the warranting of new Russian metal. Additionally, feedback clearly indicated that thresholds or similar limits would be too complex to be practicable. As such, the LME will proceed with the status quo in respect of Russian metal," the discussion paper read.
Media reported last month that the US government had floated the idea of banning Russian aluminum imports in response to the conflict in Ukraine. Russia is one of the world's largest aluminum producers.
