LME blocks new metal from Russia’s UMMC after UK sanctions

The London Metal Exchange will restrict new deliveries of copper and zinc from Russia’s Ural Mining & Metallurgical Co. and one of its subsidiaries, after the UK sanctioned co-founder Iskandar Makhmudov.

The move is by far the most significant restriction on Russian supplies by the world’s main metals market since the invasion of Ukraine. Metals including copper, zinc and aluminum haven’t specifically been targeted by US or European sanctions, although there is an intensifying debate in the industry over whether the LME should act independently to block new deliveries of Russian material.