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Nearly two years since the invasion of Ukraine, a handful of Western banks and traders from Citigroup Inc. to Trafigura Group are increasingly willing to enter new deals for Russian metals, seizing opportunities for profit while competitors hold back.
Among the trading houses, Trafigura has actively sought new deals to buy and sell Russian metal, according to people familiar with the matter, as it moves to steal a march on rival Glencore Plc — which remains a major buyer of Russian aluminum but has said it won’t do new business in the country. Trafigura, on the other hand, has actively sought new deals in the Russian metals industry, according to several people familiar with the matter, who asked not to be identified as the discussions are sensitive. It struck a term deal to buy over 100,000 tons of copper from MMC Norilsk Nickel PJSC and has also been buying significant quantities of nickel from the Russian company, making it one of the mining giant’s largest customers, the people said.
Meanwhile, Red Metal AG, a Swiss trading company that had been a significant buyer of Russian copper, has now wound down that business, according to Managing Director Milan Popovic. “Red Metal AG has completely terminated all contracts with Russian suppliers and the last delivery we received was on September 6, 2023,” he said, adding that the company would now focus on other countries including Serbia, Uzbekistan, Mongolia, China and Kazakhstan.
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