According to informed sources, the European Union is considering banning the import of certain Russian platinum group metals and copper in its latest round of sanctions, aiming to pressure Moscow to end the conflict in Ukraine. The sources, who requested anonymity as the discussions are private, indicated that if member states offer their support, these restrictions could cover iridium, rhodium, platinum, and copper. EU sanctions require unanimous approval from all member countries, and the bloc is striving to pass this new sanctions package within the current month. A spokesperson for the European Commission, which is responsible for EU sanctions, declined to comment. The EU is moving forward with these proposed bans at a time when supplies in the relevant metal markets are tightening. This year, copper prices have hit record highs, driven by robust demand and constrained supply from global mines. The market widely perceives platinum to also be in a state of supply shortage.
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