Trade Licence for acquisition of metals

Trade Licence for acquisition of metals

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.

This Trade Licence for acquisition of metals authorises the persons specified in the Licence to acquire a warrant (relating to Russian metal located in a third country) on a global metal exchange.

This Trade Licence does not apply if those persons:

• cancel or withdraw (or request or order cancellation/withdrawal of) such warrant from a global metal exchange in order to take physical delivery of the metal for their own account

• change the location of the metal to which the warrant relates

See Statutory Guidance - Russia sanctions and Notice to Importers 2953: Russia Import Sanctions.