(Bloomberg) -- Aluminum and nickel advanced on speculation that a fresh wave of US sanctions against Russia may target metals and disrupt supplies.

US President Joe Biden said the US plans to unveil a “major” sanctions package against Moscow on Friday, although he wasn’t specific about which industries would be affected. Traders have been on the lookout for new restrictions on Russian metals, which had escaped broad sanctions until the UK announced its own curbs in December.

The proposed curbs would be designed to “hold Russia responsible” for the death of opposition leader Alexey Navalny, White House spokesperson John Kirby said.

Aluminum futures rose as much as 3.4% on Wednesday, before paring some of the gain. Nickel climbed more than 3.5%. 

“Prices are rising on the Biden news as investors are assessing the potential measures and impact,” Li Jiahui, an analyst at Shanghai Metals Market, said by phone. “Investors are awaiting for the specific measures to land.”

Read more: US to Announce ‘Major’ Sanctions Friday Over Navalny Death

In December, the UK moved to block British individuals and entities from trading physical metals including aluminum, copper and nickel from Russia. At the time, the UK also hinted at the possibility of coordinated action with international partners. UK policy is important because of the significant role played by the London Metal Exchange in global metals markets.

Aluminum was up 1.3% at $2,221 a ton by 4:41 p.m. London time on the LME. Nickel rose 3.6%, while copper was up 0.5%.

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