The European Union is considering banning imports of several platinum group metals and copper from Russia as part of new sanctions targeting Moscow for its war against Ukraine, citing people familiar with the matter, Bloomberg reports, writes UNN.
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According to sources, the restrictions, if supported by the bloc's member states, could apply to iridium, rhodium, platinum, and copper. EU sanctions require the support of all EU member states, and the bloc aims to approve a new package this month.
Spokespersons for the European Commission, which handles sanctions actions on behalf of the EU, declined to comment.
The ban is planned against the backdrop of tight markets for the targeted metals. Copper prices have reached record highs this year amid strong demand and limited mine supplies worldwide. Platinum is also in short supply.
Russian metals are constantly being pushed out of major trading centers. British sanctions prohibit the trading or supply of Russian-origin copper produced after April 13, 2024, on the London Metal Exchange, while the London Platinum and Palladium Market delisted Russian refineries from its good delivery list in 2022.
These moves have curtailed demand even among industrial consumers who can no longer use Russian metal for financing. For copper, European buyers have largely turned away altogether, amid several major Russian producers also being sanctioned.
Nevertheless, many of these metals still find their way to Western markets, even though the bulk of volumes have been redirected to Asia.
If the new restrictions are adopted, they will primarily target PJSC "MMC "Norilsk Nickel", Russia's largest mining company, which has not been sanctioned due to its important role in global industry. The mining company accounts for about 40% of the world's palladium, used in automotive catalysts, which the EU is not targeting in the new package. The company is also the largest Russian producer of platinum, iridium, rhodium, nickel, and copper.
Separately, as Bloomberg previously reported, the EU is also considering a proposal to replace the price cap on Russian oil with a ban on maritime transport.