Palladium prices rose 10% in less than a 24-hour period Wednesday after the United States petitioned Group of Seven countries to impose sanctions on Russian palladium and titanium as part of an ongoing effort to put pressure on the Russian economy amid the war in Ukraine.
Citing an unnamed source, Bloomberg reported the discussions occurred Tuesday among deputy finance ministers in Washington.
Palladium is used heavily in computer chips and catalytic converters.
Bloomberg reported that Europe may show resistance to the idea of new sanctions due to its reliance on both palladium and titanium.
Palladium prices spiked more than $100 an ounce to $1,165 following the news. It has since retraced to about $1,125 an ounce.
Bloomberg noted a similar price rise occurred in December, when palladium rose more than 12%, amid rumors the metal could be facing restrictions as part of an effort from the United Kingdom to impose sanctions on Russian metals. Earlier this year, the United States and United Kingdom began enforcing restrictions on Russian aluminum, copper and nickel.
Russia is responsible for producing about 40% of the world’s palladium supply.
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