Russia’s Nornickel says new Western sanctions raise risk of metals market disruption – by Anastasiya Lyrchikova (Reuters/ – April 16, 2024)

This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine

MOSCOW, April 16 (Reuters) -U.S. and British sanctions imposed on Russian nickel, copper and aluminium will further increase price volatility and supply uncertainty, Russian metals-producing giant Norilsk Nickel said on Tuesday.

In their latest round of Ukraine-related sanctions, 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 in order to disrupt Russian export revenue.

The Kremlin on Monday said it considered the sanctions illegal and called them adouble-edged sword that would hurt the interests of those imposing them.

“Nornickel regrets this decision as it will further increase price volatility, supply uncertainty and lead to higher premiums, all of which will negatively affect consumers of these metals across the globe”, Nornickel said in a statement.

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