A ban on Russian mentals trading from the UK and the US has sent prices of aluminium, copper and nickel soaring.
The London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) - the world's largest metal exchanges - banned new production of metals from the markets from Saturday, April 13.
On Monday, aluminium prices rose to a 22-month high, while nickel shot up to a seven-month high.
The new sanctions are targeting Russian revenues amid their war with Ukraine.
Chancellor Jeremy Hunt says they aim to "prevent the Kremlin funnelling more cash into its war machine".
Existing stock of Russian metals are exempt from the restrictions and can still be traded and withdrawn to minimise the risk to market stability. Russian origin aluminium stocks in LME-approved warehouses stood at around 91% in March. Copper was 62%, while nickel was 36%.
"Large amounts of aluminium in LME warehouses are Russian and the LME contract relies heavily on Russian flow," according to an analyst at investment bank Liberum.
Traders are expecting an increase in Russian metals heading towards China, Turkey and other countries to mitigate against the UK and US sanctions.