LME Takes First Step Toward Possible Russian Metal Ban

The London Metal Exchange is launching a discussion paper that marks the first step toward a potential ban on new supplies of Russian metal, according to people familiar with the matter.

Any move by the LME to block Russian supplies could have significant ramifications for the global metals markets, as the country is a major producer of aluminum, nickel and copper. Fears that sanctions could disrupt Russian nickel exports helped trigger a massive short squeeze on the LME in March.