Despite sanctions and restrictions, western banks and traders are entering new deals for Russian metals, finding profit in a struggling market. The deals do not involve companies under US or European sanctions.
-- Nearly two years since the invasion of Ukraine, a handful of western banks and traders from Citigroup Inc. to Trafigura Group are increasingly willing to enter new deals for Russian metals, seizing opportunities for profit while competitors hold back.Everything Apple Plans to Launch at Oct. 30 ‘Scary Fast’ Mac Event
Among the trading houses, Trafigura has actively sought new deals to buy and sell Russian metal, according to people familiar with the matter, as it moves to steal a march on rival Glencore Plc — which remains a major buyer of Russian aluminum but has said it won’t do new business in the country.And on the London Metal Exchange, financial firms including Citi and Squarepoint Capital LLP have been buying large volumes of the Russian aluminum that now dominates the exchange’s stockpiles.
Trafigura struck an agreement to buy nearly 200,000 tons of aluminum from Rusal this year, in a direct challenge to Glencore, separate people familiar with the matter said. There is a similar variation in policies in the banking industry. Very few banks are willing to finance the purchase of Russian metals directly from a Russian company, according to traders and bankers, out of concerns ranging from potential exposure to sanctions to logistical difficulties and ethical and reputational issues.
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