LME says restricts copper, zinc supplies from Russia’s UMMC

MOSCOW, Oct 6 (PRIME) -- The London Metal Exchange (LME) has restricted supplies of copper and zinc from Russia’s Ural Mining and Metallurgical Company (UMMC) and its subsidiary Chelyabinsk Zinc Plant, the exchange said in a statement on Thursday.

The U.K. slapped new sanctions on Russia on September 26 following referendums on accession of new territories to the country, and the sanction list included former UMMC President Iskander Makhmudov, who left the company’s board of directors and has not been a controlling shareholder of UMMC since March.

The LME temporarily restricted on placement of metals by UMMC and Chelyabinsk Zinc Plant, and allow supplies of the metals produced by the companies to the LME warehouses only if the owners of the metals prove that the commodity was sold before introduction of the sanctions.

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