The European Union is considering expanding its sanctions regime against Russia to include a ban on imports of several platinum group metals and copper, as Brussels looks to tighten economic pressure over Moscow’s war in Ukraine.
According to sources familiar with the discussions, the proposed measures could cover iridium, rhodium, platinum and copper. The initiative is still under negotiation and would require unanimous approval from all EU member states. The bloc is aiming to finalize the new sanctions package later this month. The European Commission, which coordinates sanctions policy, declined to comment.
The potential ban comes at a time of already strained global metals markets. Copper prices have reached record levels this year, driven by strong demand and limited mine supply, while platinum is also expected to remain in deficit. Western trading hubs have been progressively distancing themselves from Russian-origin metals. The UK has barred Russian copper produced after April 13, 2024 from trading or delivery on the London Metal Exchange, and Russian refiners were removed from the London Platinum and Palladium Market’s approved delivery list in 2022.
These restrictions have reduced demand for Russian metals among Western industrial consumers, particularly because sanctioned material can no longer be used for financing purposes. In the copper market, many European buyers have effectively exited Russian supply altogether, especially as several major Russian producers have come under sanctions. Nevertheless, Russian metals continue to find their way into global markets, with much of the volume redirected to Asia.
If implemented, the new EU measures would primarily affect MMC Norilsk Nickel, Russia’s largest mining group and a key supplier to global industry. The company accounts for roughly 40% of global palladium used in automotive catalysts, a metal not included in the current proposal. Norilsk Nickel is also Russia’s largest producer of platinum, iridium, rhodium, nickel and copper, and has so far avoided direct EU sanctions because of its systemic importance to global supply chains.
Separately, the EU is also reviewing options to replace its existing price cap on Russian oil with a ban on maritime services, according to earlier reports.
