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The London Metal Exchange (LME) is examining sanctions which Britain has imposed on oligarch Vladimir Potanin, chief executive of Nornickel, the world’s largest refined nickel producer, the exchange said on Thursday.

“We are looking into the detail of the sanctions and what it may mean for the LME, its participants, and Norilsk brands,” a spokesperson of the LME said in a email.

Potanin, known as Russia’s “Nickel King”, was included in sanctions that Britain announced on Wednesday which included business figures, financial firms and other entities. 

Nornickel said that its lawyers were looking at the impact of the British sanctions on Potanin, who is also the company’s major shareholder.

“We are monitoring developments in respect of Russian sanctions closely. We note the UK government’s announcement on 29 June of new sanctions against Vladimir Potanin,” the world’s oldest and largest market for industrial metals said.

The LME is owned by Hong Kong Exchanges and Clearing.

(By Eric Onstad and Pratima Desai; Editing by Jason Neely)