Earlier this month, the US and Britain prohibited the London Metal Exchange (LME) from accepting new Russian production of aluminium, copper, and nickel. The move is intended to decelerate Moscow's financial situation concerning the Ukraine-Russia geopolitical crisis.
The London Metal Exchange has implemented a prohibition on Russian aluminium, copper, and nickel generated after April 13 in adherence to sanctions imposed. LME regulations prior to April 13 distinguished between two types of Russian warrants, Type 1, and Type 2. This allowed for profitable "rent deals" by enabling the tying up of metal. Warrants serve as official documents granting ownership rights.
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