LME studying UK sanctions on Norilsk Nickel CEO

The London Metal Exchange Ltd. is studying the sanctions the U.K. slapped on PJSC MMC Norilsk Nickel CEO Vladimir Potanin, Reuters reported June 30.

The bourse said it is closely monitoring the developments related to sanctions imposed on Russian entities. "We are looking into the detail of the sanctions and what it may mean for the LME, its participants and Norilsk brands," an LME spokesperson told the news wire in an email.

Norilsk Nickel's lawyers said they are assessing the impact of the sanctions on Potanin, who is the miner's largest shareholder, according to Reuters.

The U.K. added Potanin, Russia's second richest man, to its sanction list, along with 12 other people and businesses known to support Russian President Vladimir Putin's administration.

"Potanin continues to amass wealth as he supports Putin's regime, acquiring PJSC ROSBANK, and shares in JSC Tinkoff Bank in the period since Russia's invasion of Ukraine," the U.K. government said in a June 29 statement. "As long as Putin continues his abhorrent assault on Ukraine, we will use sanctions to weaken the Russian war machine. Today's sanctions show that nothing and no one is off the table, including Putin's inner circle."

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