(Bloomberg) -- Aluminum traded near an all-time high, as the escalation in tensions over the war in Ukraine intensified the threat of commodity supply disruptions from Russia, and also triggered a plunge in United Co. Rusal International PJSC shares.

Russia’s invasion of Ukraine appears to be entering a more brutal stage, while international pressure is ramping up on Moscow. The U.S. plans to close its airspace to Russian airlines, and the U.K. announced new sanctions on Russia and Belarus.

A.P. Moller-Maersk A/S said on Tuesday it’s halting vessel bookings to and from Russia, deepening the supply turmoil that’s already seen the country’s industrial-metal exports sink as buyers and financiers pull back from its powerhouse producers. Maersk handles some shipments for Rusal, according to a person familiar with the matter.

Rusal, Russia’s biggest aluminum producer, slumped as much as 29% on Wednesday in Hong Kong, the most since April 2018 when the entity was last hit by U.S. sanctions.

Rusal is also facing additional pressure after Glencore Plc. indicated it might take action regarding its stake in Rusal’s controlling shareholder, En+ Group International PJSC. The world’s top commodities trader said it was reviewing its shareholdings in two of Russia’s biggest companies, as well as its wider trading operations in the country. The company owns 10.55% in En+ and a stake of less than 1% in Russian oil major Rosneft PJSC. 

Aluminum rose as much as 0.8% to $3,506 a ton on the London Metal Exchange before trading at $3,504.50 as of 7:32 a.m. local time. The metal hit a record of $3,525 on Monday. Other base metals were mixed, with nickel rising 1.4% to $25,450, while copper was down 0.1% to $10,050.

©2022 Bloomberg L.P.