BCIM - Current Impact Of The Russian Invasion Of Ukraine On The European Metals Market Metal Prices

• The SWIFT ban applies to about 70% of Russia’s banking activities. Notably, oil and natural gas payments are excluded.
• Russia is a major supplier of base metals to Europe, and these have seen price rises to levels not seen in a decade. Plus, the rise in natural gas prices will further inflate energy costs in Europe. Those rising costs have already prompted partial closures of European smelters before this started.
• Russia itself will face raw material constraints, partly as a result of the financial sanctions - trouble making payments overseas - but also because Ukraine is a significant supplier to Russia.

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