Trade Licence for acquisition of metals
This Trade Licence authorises certain activities relating to the acquisition of metals sanctioned under the Russia (Sanctions) (EU Exit) Regulations 2019.
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Details
Broadly, a warrant is a record of title to metal, such that acquisition of a warrant could amount to acquisition of the underlying metal, which in turn could breach the prohibition in regulation 46IH(1)(a) of the Russia Regulations (in the absence of an applicable exception or licence).
On 13 December 2023, a Trade Licence for acquisition of metals was issued to allow the persons specified in the Licence to acquire a warrant (relating to Russian metal located in a third country) on a global metal exchange, subject to certain conditions.
The Trade Licence for acquisition of metals has been amended with effect from 23:59 on 12 April 2024. Following that amendment, the Trade Licence authorises the persons specified in the Licence to acquire a warrant (relating to Russian metals located in a third country and produced before 23:59 on 12 April 2024) on a global metal exchange, subject to certain conditions.
The Trade Licence also authorises the specified persons to cancel or withdraw a warrant acquired pursuant to the Licence on a global metal exchange in order to take physical delivery (in third countries) of the Russian metal to which the warrant relates, but only if the relevant metal was already on warrant at 23:59 on 12 April 2024. Those metals cannot be imported into the UK (unless there is an applicable exception or licence).
See Statutory Guidance - Russia sanctions and Notice to Importers 2953: Russia Import Sanctions.
Updates to this page
Last updated 12 April 2024 + show all updates
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Trade Licence varied as in paragraphs 2-10, 13-19 and 21 to reflect changes to the circumstances where metals, and warrants for metals, may be acquired in relation to their trade on global metals exchanges, and to the relevant reporting requirements and definitions.
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Removed 'warrant' from the title of notice.
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First published.