The EU plans to ban Russian aluminium imports as part of a sanctions package ahead of the third anniversary of Russia’s invasion of Ukraine The European Union is reportedly proposing a phased ban on imports of Russian aluminium to the bloc.

London aluminium edged higher on Thursday after the European Union proposed banning imports of the metal from Russia in a fresh package of sanctions over its invasion of Ukraine. Three-month aluminium on the London Metal Exchange (LME) gained 0.3% to $2,626 a metric ton by 0215 GMT.

Aluminum rose in London as the European Union readied a proposal to gradually ban imports of the metal from Russia.

The European Union is preparing another package of sanctions against Russia, which is expected to include further restrictions on banks being cut off from the SWIFT system. Additionally, discussion surrounds the targeting of another 70 ships from the so-called "shadow fleet" and imposing a ban on the import of Russian aluminium,