BRIEF-LME releases notice after UK and US take action targeting Russian metals

* LME-UK CLIENTS, UK MEMBERS WHO CANCEL RUSSIAN WARRANTS AND/OR WITHDRAW THE UNDERLYING METAL WILL NEED TO ADHERE TO CERTAIN RECORD KEEPING REQUIREMENTS

* LME-ANNOUNCES A SUSPENSION ON PLACING METAL PRODUCED BY CERTAIN BRANDS IN LME-LISTED WAREHOUSES GLOBALLY * LME: UK MEMBERS, CLIENTS WHO CANCEL AND/OR WITHDRAW RUSSIAN WARRANT WILL NEED TO NOTIFY BUSINESS SECRETARY THE MEMBER, CLIENT'S NAME AND EORI NUMBER

* LME-RECOGNISES THAT A CONSEQUENCE OF THE AMENDED SANCTIONS PACKAGE MAY BE TO CAUSE A DEGREE OF MARKET UNCERTAINTY * LME: NOTIFICATION MUST BE PROVIDED AT MOST WITHIN 30 DAYS FOLLOWING UK MEMBER, CLIENT FIRST CANCELLING OR WITHDRAWING RUSSIAN WARRANT PURSUANT TO AMENDED TRADE LICENCE

* LME: A METAL OWNER IS ONLY ABLE TO WARRANT RELEVANT METAL IF IT CAN EVIDENCE THAT METAL WAS PRODUCED BEFORE 13 APRIL 2024 * LME-WAREHOUSE CO CAN ONLY ACCEPT ONTO WARRANT ANY RELEVANT METAL AFTER LME HAS RECEIVED APPROPRIATE EVIDENCE THAT METAL WAS PRODUCED BEFORE 13 APRIL 2024

* LME-UK,NON-UK MEMBERS CAN CONTINUE TO FACILITATE LME ACTIVITIES FOR THEIR UK AND NON-UK CLIENTS, PROVIDED THAT CLIENT IS ENTITLED TO PERFORM THAT ACTIVITY * LME: IN EVENT THAT WAREHOUSE COMPANY HAS ANY CONCERNS THAT THE RELEVANT METAL WAS PRODUCED ON OR AFTER 13 APRIL 2024, IT MUST NOT WARRANT THE METAL

* LME: NOTES THAT THE MAJORITY OF MEMBERS ARE UK PERSONS AND THEREFORE WILL BE REQUIRED TO ADHERE TO THE AMENDED SANCTIONS PACKAGE * LME-NOTES U.S. GOVERNMENT INTRODUCED TWO NEW PROHIBITIONS TARGETING ACTIVITIES RELATED TO RUSSIAN-ORIGIN ALUMINIUM, COPPER, AND NICKEL PRODUCED ON OR AFTER 13 APR

* LME: THE LME IS NOT IN A POSITION TO MONITOR WHETHER MEMBERS OR CLIENTS ARE CANCELLING RUSSIAN WARRANTS IN VIOLATION OF SANCTIONS * LME: THE REQUIREMENTS SET OUT SHALL REMAIN IN FORCE UNTIL FURTHER NOTICE

* LME-EXCHANGE WILL CONTINUE TO MONITOR FOR MARKET ORDERLINESS, INCLUDING IN RESPECT OF THE ISSUES RAISED * LME-NOTES THAT THE MAJORITY OF MEMBERS ARE UK PERSONS AND THEREFORE WILL BE REQUIRED TO ADHERE TO THE AMENDED SANCTIONS PACKAGE Source text: https://tinyurl.com/2del4ekz

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