US imposes sanctions on Russian copper giant UMMC

US sanctions have been imposed on Russian copper producer Ural Mining and Metallurgical Company (UMMC) to cut Russia's revenues from the metals and mining sector. The US set a deadline of October 18 to terminate the deal.

UMMC has not disclosed its copper production in recent years, producing about 40% of Russia's copper as of 2020. The London Metal Exchange (LME) restricted UMMC's new copper deliveries after Britain's sanctions in 2022.

Since October last year, copper produced by UMMC could only be delivered to LME-registered warehouses if the owner could prove it was not violating sanctions.