US Imposes Sanctions On Russia’s Key Copper Producer UMMC
The US has reportedly imposed sanctions on Ural Mining And Metallurgical Company (UMMC), one of Russia’s top copper producers, in an effort to weaken Russia’s metals and mining sector earnings. This step adds to the growing list of Russian entities facing sanctions from Washington and its Western allies following Moscow’s invasion of Ukraine in 2022. UMMC, which accounted for nearly 40% of Russia’s copper output as of 2020, has been asked to terminate all dealings with the US by 18 October. Following the UK’s sanctions against UMMC’s controlling shareholder in 2022, the London Metal Exchange also limited new copper deliveries from UMMC.
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