Russian aluminum stocks in UK warehouses rise after decision on new sanctions - Reuters
The share of available stocks of Russian-made aluminum in warehouses registered with the London Metal Exchange (LME) increased to 90.4% in December from 78.8% in November
It is noted that the increase in the share of aluminum follows a restriction imposed by Britain from Dec. 15 on UK entities and individuals taking physical delivery of Russian-made base metals, part of wider sanctions on Moscow for its war in Ukraine.
The restrictions along with muted demand in the physical market contributed to additional deliveries to the LME-registered warehouses. At the same time, order stocks of aluminum in LME-registered warehouses increased by 74% after the announcement of UK sanctions.
The LME reported that Russian metal continued to be delivered through its warehouse network throughout December. They are also actively monitoring the ordering of Russian metal on the market.
- The British government has tightened sanctions against Russia, including a ban on imports of Russian diamonds and exports of dual-use goods.