LONDON: The London Metal Exchange (LME) is ready to ensure market stability if sanctions by Western allies impact trading of key industrial metals produced by Russia such as aluminium and nickel, the LME said on Thursday.

No action has been needed so far for LME metal brands, the exchange said in a statement. The United States and its allies are preparing more severe sanctions after Moscow mounted a mass assault by land, sea and air in the biggest attack on a European state since World War Two.

“We have procedures and the necessary powers in place to take any action that may be required to ensure market stability in response to sanctions that impact the LME market,” the exchange said in a notice.

The LME, the world’s oldest and largest venue for the exchange of metals such as copper and zinc, in 2018 suspended from its list of approved brands aluminium produced by Russia’s Rusal after it was sanctioned by the United States.