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CME bans Russian-origin aluminium after U.S., UK impose new sanctions
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CME bans Russian-origin aluminium after U.S., UK impose new sanctions
Apr 14, 2024 12:05 PM

LONDON, April 14 (Reuters) - CME Group ( CME ) has suspended

from its platform aluminium produced in Russia from April 13,

the exchange said on Sunday, after the United States and Britain

imposed new sanctions on Moscow for its invasion of Ukraine.

The U.S. Treasury Department and the British government on

Friday banned the 147-year old LME and the Chicago Mercantile

Exchange (CME) from accepting new Russian production of

aluminum, copper and nickel produced from April 13.

On its website the CME listed Russian aluminium brands that

could no longer be on warrant - a title document conferring

ownership - for delivery against its contracts.

"Aluminum from these brands produced prior to April 13,

2024, will continue to be eligible for warranting and delivery

against the exchange's aluminum futures contract," the CME said.

"All participants must ensure their participation in

delivery against the exchange's aluminum futures contract

complies with local laws and regulations, including applicable

economic sanctions."

The CME told Reuters on Saturday that it does not disclose

the origin or brands of the eligible or registered metal it has

in store and said this was consistent across all of its

physically delivered markets.

On Friday, a UK official said London expected any market

disruption to be short-lived and that the government had

consulted with colleagues in the U.S. as well as with the LME,

the Bank of England and the Financial Conduct Authority to

minimise any impact.

The announcement of the ban by the U.S. and Britain was made

after trading was closed for the weekend.

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