The EU is considering imposing new sanctions on Russian copper and platinum.

According to sources, the EU is considering banning the import of some Russian platinum group metals and copper as part of a new round of sanctions against Russia. If they receive support from member states, the restrictions may cover iridium, ruthenium, platinum, and copper. EU sanctions require support from all member states, and the EU is striving to pass this new sanction package this month. The brewing ban comes at a time when the relevant metal markets are tightening. This year, with strong global demand and limited mining supply, copper prices have repeatedly reached historic highs; the platinum market is also considered to be in a state of supply shortage. If the restrictions are approved, the main affected entity will be Russia's largest mining company, MMC Norilsk Nickel. The company has not been sanctioned yet, as its important position in the global supply chain, with palladium production making up about 40% of the global automotive catalyst palladium demand.