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This content was produced in Russia where the law
restricts
coverage of Russian military operations in Ukraine
(Adds analyst comments, extra detail in paragraphs three, nine,
updates Rusal statement in paragraph six)
MOSCOW, April 15 (Reuters) - Russian aluminium producer
Rusal said on Monday that new sanctions
introduced by the United States and Britain will have no impact
on its ability to supply aluminium.
Washington and London on Friday prohibited metal-trading
exchanges from accepting new aluminium, copper and nickel
produced by Russia and barred the import of the metals into the
United States and Britain.
The London Metal Exchange (LME) on Saturday banned from its
system Russian metal produced on or after April 13 to comply
with new sanctions.
The action is aimed at disrupting Russian export revenue in
response to what Moscow calls a "special military operation" in
Ukraine. Russia is a major producer of aluminium, copper and
nickel.
"The announced actions have no impact on Rusal's ability
to supply since Rusal's global logistic delivery solutions,
access to banking system, overall production and quality systems
are not affected," Rusal said in a statement.
"The U.S. determination does not impose any new prohibitions
or requirements relating to the processing, clearing or sending
of payments by any intermediary banks."
Rusal and Russian mining giant Norilsk Nickel have
not been directly targeted with Western sanctions over the
conflict in Ukraine.
Russia's commodity exporters have sharply expanded supplies
to markets like China and India as Western countries have
imposed sanctions which President Vladimir Putin says amount to
a declaration of economic war by the West.
Goldman Sachs said it did not expect an immediate supply
shock from the LME's move.
"From a fundamental perspective, it is important to
recognise that these exchange focused rule adjustments will not
generate a necessary supply-demand shock," Goldman Sachs
analysts said in a note.
Russian producers can continue to sell metal to other
non-U.S. or UK markets, Goldman Sachs said, but uncertainty
remains as to whether other key ex-China markets and consumers
will also continue to consume the same volumes of Russian metal.
Rusal said the LME actions appeared to be strictly related
to the exchange and derivatives. The company said it would still
be able to provide hedging services to customers and remained
committed to market-based pricing.
Russian mining giant Norilsk Nickel has not yet commented on
the sanctions.
Rusal shares were 2.6% lower in Moscow as of 0801 GMT.
Promsvyazbank analysts said the market was likely still making
sense of the sanctions and their impact.
"Although both Nornickel and Rusal sell most of their metals
under bilateral contracts, their shipments are likely to
decrease and, probably, a new discount to exchange prices will
emerge," Promsvyazbank analysts said.