EU plans ban on Russian metal imports in new sanctions push

The European Union is preparing new sanctions against Russia that would ban the import of key metals like copper, platinum, rhodium, and iridium.

The plan is being discussed inside Brussels right now and aims to punish Moscow for continuing its invasion of Ukraine. Officials want to get it passed before the month ends, but it still needs approval from every member country, according to claims from Bloomberg.

If the ban is passed, it would hit Russia’s exports hard, especially at a time when global metal supplies are already tight.

Copper prices are at record highs, and platinum supply is short. This means the impact would not just hit Russia, but also industrial buyers across Europe who depend on these metals for tech, cars, and even cryptocurrency infrastructure.

Russia losing access to global buyers as supplies tighten

Russian metals have already been kicked out of London. Since April 13, 2024, the UK has blocked copper made in Russia from trading on the London Metal Exchange. The London Platinum and Palladium Market took Russian refiners off its list two years ago.

Even without the new EU ban in place, Europe has started walking away. Most buyers don’t want the headache or the risk of buying from companies that might get sanctioned next week.

Buyers in Europe aren’t touching Russian copper anymore. Some of the country’s biggest producers have already been blacklisted.

And it’s not just copper. Industrial users say they can’t even use Russian metal to raise funds, because of financial restrictions. So now, a big chunk of Russian exports is going straight to Asia.

But the EU’s next target is clear: MMC Norilsk Nickel. The company is Russia’s biggest miner and a huge player in the global market. It makes about 40% of the world’s palladium, used in car exhaust systems.

That metal isn’t being targeted in this package, but Norilsk also produces the very metals the EU wants to ban: platinum, rhodium, iridium, nickel, and copper. So even if the company isn’t directly sanctioned, its business is going to take a hit.

Europe also looking to tighten Russian oil restrictions

The bloc is also talking about switching from a price cap on Russian oil to a full ban on maritime services. That would make it harder for Russia to move oil through shipping companies and insurance firms linked to Europe.

Right now, the price cap for Russian crude is $44.10 a barrel. It gets reviewed every six months and is always set 15% below market price for Urals crude.

Some countries in Europe want to keep the cap in place. Others are pushing for the ban. If the services ban is adopted, it would be a much stricter way of enforcing sanctions. But not all member states are on board yet.

Alongside metals and oil, Europe is going after other sectors. The next round of sanctions will likely target Russian banks, oil firms, crypto platforms, and shadow fleet ships that help Moscow dodge trade bans. Some third countries are helping Russia work around sanctions. The EU wants to crack down on that too.

One new tool the EU might use is an anti-circumvention rule, which has never been activated before. The rule would ban exports of machine tools and radio equipment to countries like Kyrgyzstan, which Europe suspects is helping funnel banned goods back into Russia.

This would be the 20th sanctions package since the war started in 2022. Officials want it approved by the end of next month. It includes new trade bans, military-related goods, and tougher limits on the metals Russia still sells into the EU.

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