US and Asian media outlooks reporting Western sanctions incoming...

US and Asian media outlooks reporting Western sanctions incoming on Russian PGM reserves although Putin may pre-empt the move by limiting exports ahead of sanctions. Palladium supply is about to get a whole lot tighter next year! This could well spark a bidding war for Rhodium given increasing geopolitical uncertainty and it's finite supply..

Palladium price is up around 4% above $1,100 an ounce this morning

US Asks G-7 to Consider Sanctions on Russian Palladium, Titanium

The US asked Group of Seven allies to consider sanctions on Russian palladium and titanium, a person familiar with the matter said, as the Biden administration mulls fresh ways to squeeze President Vladimir Putin’s war machine.

Western nations have long struggled with their approach to metals sanctions on Russia. The price of palladium rose as much as 12% in December on speculation the metal could be next in line for restrictions after the UK issued sanctions on purchases of certain Russian metals. Earlier this year, the US and UK imposed restrictions on trading Russian aluminum, copper and nickel.

Sanctioning titanium would also provide a combative response to a recent proposal by Putin. In September, he suggested his government should think about limiting exports of some commodities such as nickel, titanium and uranium in retaliation for western sanctions after ensuring that it wouldn’t hurt Russia.

The US still buys Russian palladium. Russian company Norilsk Nickel represents about 40% of global output, a share of the market that would be hard to replace quickly.

https://www.livemint.com/news/world/us-asks-g-7-to-consider-sanctions-on-russian-palladium-titanium-11729720374244.html