EU Prepares To Ban Purchases Of Platinum And Copper From Russia
1- 2.02.2026, 18:05
- 1,702
The embargo could be part of the 20th package of sanctions.
The European Union may include in the 20th package of sanctions against Russia, timed to coincide with the fourth anniversary of the invasion of Ukraine, an embargo on the supply of a number of metals. The ban may include copper, platinum, iridium and rhodium, writes Bloomberg, citing people familiar with the discussion of the new measures.
The strike will first of all hit Nornickel, which itself has not been under sanctions so far, as it is the main Russian and global producer of a number of metals. These include platinum and palladium; there are no plans to ban the purchase of palladium, with which Nornickel provides about 40% of the global market for automotive catalytic converters, Bloomberg notes. The company also ranks first in Russia in the production of iridium, rhodium and copper.
In the case of copper, the effect of the ban on the EU and Nornickel will be insignificant. The London Metal Exchange, the main center for international copper trading, has banned the sale and delivery of Russian copper since April 2024.
The EU has not directly imposed sanctions against it, but has closed access to its market for a number of product categories, such as copper wires, pipes and foil. As a result, European buyers have mostly found other suppliers.
Nornickel itself is trying to move its copper operations outside Russia and wanted to open a joint venture in China, building a plant with a capacity of 500,000 tons a year. The company had hoped to sign an agreement last year, but this has not happened yet, and now its Chinese partner has decided to withdraw from the project, Bloomberg recently reported.
If a new one cannot be found, Nornickel will have to ask the Russian government to extend the operation of the copper plant in Norilsk, which was scheduled to close in 2027.
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