Zinc and Aluminum Rise as LME Bans New Metal From Russian Firm

(Bloomberg) — Zinc and aluminum climbed after the London Metal Exchange (LME) said it will restrict new deliveries of the metals from Russia’s Ural Mining & Metallurgical Co. (UMMC) and one of its subsidiaries.

Starting immediately, metal from UMMC or its Chelyabinsk Zinc unit can only be delivered to LME warehouses if the owner can prove to the exchange that it won’t constitute a breach of recent sanctions on the firm’s 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.