Russia Sanctions: UK and US clamp down harder on the trade of Russian metals

​1. On Friday, 12 April, the UK Government, in a coordinated effort with the US, announced further measures targeting Russian metal exports. The joint action denies Russian metal producers profits from the world's two largest metal exchanges, the London Metal Exchange and Chicago Mercantile Exchange, a critical source of revenue for the Kremlin.

2. This joint action announced on 12 April prevents new Russian aluminium, copper, and nickel - that produced in Russia after 23:59 on 12 April - from being put on warrant and traded on the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME).

Further information

3. UK Guidance is available in the Russian metals sanctions: overview

4. Additional information is available in the UK Press Release.

5. The London Metal Exchange have also published new guidance (Notice 24/171).

6. Jersey guidance on the Russia sanctions regime is available on sanctions by country and category on JFSC.

7. A copy of the UK Regulations can be obtained from legislation.gov.uk. Other relevant information about this regime can be found on financial sanctions targets by regime on GOV.UK.

Enquiries 

8. Non-media enquiries, sanctions compliance reporting, and licence applications should be emailed to the Financial Sanctions Implementation Unit at sanctions@gov.je.