June 5, 2018 / 11:47 AM / a year ago

LME says looking at expanding eligibility for Rusal metal

LONDON, June 5 (Reuters) - The London Metal Exchange (LME) is working to see if it can expand access to Rusal’s aluminium, which is under suspension due to U.S. sanctions, but the exchange needs to be cautious, Chief Executive Matthew Chamberlain said on Tuesday.

“We are working very closely to see if we can expand that eligibility,” Chamberlain told the International Derivatives Expo in London.

The LME, however, did not want their members to inadvertently end up with metal that would create problems with U.S. authorities, so it had to be very cautious, he added during a panel discussion at the conference.

The exchange, the world’s oldest and largest market for industrial metals, suspended Rusal’s aluminium from April 17 after the U.S. Treasury Department imposed sanctions on the Hong Kong-listed company and other Russian firms and oligarchs.

The Treasury has extended its deadline for U.S. consumers to wind down business with United Company Rusal to Oct. 23 from June 5 previously and said it would consider lifting sanctions if Rusal’s major shareholder, Russian tycoon Oleg Deripaska, ceded control of the company. (Editing by Jason Neely)

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