The LME published a discussion paper evaluating possible measures that could be taken to restrict or completely ban supplies of all Russian metal to different countries in response to Moscow's military operation in Ukraine.
"The LME is keen to hear views on the topics in this discussion paper (in particular, from consumers in respect of their plans regarding accepting, or not, Russian metal moving forward)," the document read.
The exchange is seeking feedback from market participants regarding possible measures on exports of Russian metal. They could choose between a number of options such as maintaining the current position, introducing thresholds for metal from Russia or suspending the warranting of Russian metal in LME warehouses globally.
"Specific sectoral sanctions and related measures against Russia have been introduced [since the start of the military operation in Ukraine]; however, there has been no comprehensive government-led action to prevent the widespread use of Russian metal," the paper said.
Earlier in the day, the EU agreed on the eighth sanctions package against Russia, which includes a ban on imports of Russian semi-finished products for the metal industry. The measures went into effect after they were officially published.