(MENAFN) The Kremlin has responded to the recent Western sanctions targeting Russian metals, asserting that such measures have consequences for both sides. Dmitry Peskov, spokesman for the Kremlin, characterized the new sanctions as "illegal" and suggested that they would ultimately harm the countries implementing them.
These sanctions, imposed by the United States and United Kingdom, specifically target Russian-origin aluminum, copper, and nickel, with the aim of curbing Moscow's export revenues. Peskov emphasized that these restrictions are not one-sided and will have repercussions for the nations enforcing them.
The ban, which came into effect last week, has already had notable effects on the metals market, with significant fluctuations observed. Aluminum prices, for instance, surged by as much as 9.4 percent on the London Metal Exchange (LME), marking the highest increase since the inception of the current contract in 1987. Similarly, nickel experienced a notable rise, climbing by up to 8.8 percent.
According to reports, the rally in metal prices stems from concerns that the sanctions will disrupt Russian flows to Western markets. These new restrictions add further uncertainty to metals markets that have already been impacted by Russia's military actions in Ukraine and the subsequent sanctions imposed by Western nations.
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