LONDON, April 13. /TASS/. The UK and the US have expanded sanctions against Russia in the trade of metals, according to a statement issued by the Foreign Office of the United Kingdom and the US Treasury, the London Metal Exchange and the Chicago Mercantile Exchange will no longer be able to replenish the stocks of aluminum, copper and nickel in their warehouses by supplying these metals of Russian origin.

As Jeremy Hunt, Chancellor of the Exchequer, said, the UK’s "decisive action with the U.S. to jointly ban Russian metals from the two largest exchanges" will prevent Moscow "funneling more cash" into the Russian defense industry.

The imposed restrictions do not apply to the existing reserves of Russian metals in the warehouses of both exchanges, with which it will still be possible to carry out trading operations. However, the London Metal Exchange and the Chicago Mercantile Exchange will no longer trade new aluminium, copper and nickel produced by Russia. The new restrictions do not apply to titanium and platinum group metals.

The document stresses that it implies "a technically complex measure requiring time to work through the details to ensure its effectiveness and minimize the risk of market disruption."

Last December, the UK completely banned the import of copper, aluminum and nickel of Russian origin. In the United States, a similar ban is starting to take effect now, but does not apply to metals produced before April 13, 2024.