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Traders and banks make deals with Russian metals despite taboos
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Several Western banks and traders, from Citigroup Inc. to Trafigura Group, are increasingly eager to strike new deals with Russian metals, seizing opportunities to profit while competitors hold back.

According to the head of one of the trading houses who spoke privately, deals on Russian supplies are one of the few areas where solid profits can be made.

Among trading companies, Trafigura is actively seeking new deals to buy and sell Russian metal in a bid to beat rival Glencore Plc, which has said it won’t do new business with Russia, Bloomberg reported, citing anonymous sources.

And at the London Metal Exchange, financial firms including Citi and Squarepoint Capital LLP are buying large volumes of Russian aluminum, which currently dominates the exchange’s stockpiles.

Thus, in addition to sharply increased metal exports to Asia, Russian companies are gradually gaining new opportunities to export metals to the West as well.

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