Report: LME not to ban Norilsk Nickel's metal

MOSCOW, Jul 25 (PRIME) -- The London Metal Exchange (LME) has told some of its committee members it will not ban Norilsk Nickel's metal from its system as the company is not under U.K. sanctions even though Chief Executive Vladimir Potanin is, Reuters reported on Monday citing three sources familiar with the matter.

Metal industry sources are worried a ban on Norilsk Nickel's metals would again destabilize the LME nickel market. Disorderly trade on March 8 led to the suspension of nickel trading for over a week and the cancellation of all trades on that day.

If sanctions were imposed on Norilsk Nickel the exchange would have to suspend its metal. The LME banned aluminum produced by RUSAL in 2018 when the U.S. Treasury Department imposed sanctions on the Russian aluminum giant.

"They aren't going to do anything at this stage, they are within UK government guidelines," one of the sources said.

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