Foreign media reported on February 2nd: At a time when the supply of key metals in the global market is already tight, the EU is planning a new round of sanctions against Russia, with the intention of further strangling the strategic lifeline of the Russian economy.
Insiders have disclosed that the EU is considering a complete ban on the import of copper from Russia as well as platinum group metals such as iridium, rhodium and platinum. This move, if approved by all member states, will not only further reduce Russia's foreign exchange earnings, but also pose a significant impact on the fragile global industrial metal supply chain. It may exacerbate inflationary pressures and reshape the global trade landscape.
The proposed ban is highly targeted. Russia is a major global producer of platinum group metals and copper, and the Norilsk Nickel company is the core supplier of these metals. The company controls approximately 40% of the global palladium production and is also the largest producer of platinum, iridium, rhodium and copper in Russia.
This move by the EU will force the European industrial sectors that heavily rely on these materials (such as automotive, electronics and chemical industries) to accelerate the search for alternative sources in the short term. This will trigger a global competition for resources. Currently, copper prices are hovering at historical highs due to global supply bottlenecks, and the platinum market is also facing shortages. Although the West has gradually "diluted" Russian metals through measures such as exchange restrictions, the official EU ban will completely seal the loopholes, potentially pushing up global prices and prompting Russia to shift more production to Asia, accelerating the "parallelization" of the global metal trading system.
