LONDON (Globe Live Media) – The London Metal Exchange on Tuesday banned Russian nickel from its licensed UK warehouses unless it is exported by July 20.
The move follows a decision on April 1 to ban other Russian metals, including copper, lead, primary aluminum and aluminum alloys, from British warehouses.
This decision responds to the imposition by the British government of additional duties of 35% on these metals as part of a package of sanctions against Russia after its invasion of Ukraine, which has now been extended to nickel.
The exchange said there is currently no Russian nickel stored in its UK warehouses.
The LME, owned by Hong Kong Exchanges and Clearing Ltd, said in a statement there was a significant risk that someone receiving the metal from UK warehouses would be hit with very high additional costs.
The UK has two approved LME warehouse locations, in Hull and Liverpool. The latter currently has 198 tons of nickel stored.
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