The London Metal Exchange (LME) said it had lifted the temporary ban on the storage of Russian aluminium in LME warehouses immediately after the United States removed Russian aluminium from the sanctions list.
LME’s notification to its members indicates that all Russian-aluminium metals can be approved as the metals listed in the registered warehouse receipt.
Alcoa recently announced that the Foreign Asset Management Office of the U.S. Treasury will remove Alcoa and En, the company’s largest shareholder, from its list of designated nationals and restricted persons, with immediate effect at about 4.15 p.m. on January 27, U.S. time. The Group expects that the settlement and settlement procedures will now return to normal.
“To avoid doubt, this means that all Russian aluminium metals can be approved as registered warehouse receipts (delivered to warehouses approved by LME),” LME wrote in a circular to members, warehousing companies and their London agents.