Aluminum rose in London as the European Union readied a proposal to gradually ban imports of the metal from Russia.

The European Union is preparing a broad sanctions package ahead of the third anniversary of Russia's invasion of Ukraine. The 16th package will target banks, aluminum, and shadow fleet vessels, Bloomberg reports.

The European Union is preparing another package of sanctions against Russia, which is expected to include further restrictions on banks being cut off from the SWIFT system. Additionally, discussion surrounds the targeting of another 70 ships from the so-called "shadow fleet" and imposing a ban on the import of Russian aluminium,

The European Union is proposing a phased ban on imports of Russian aluminum as part of a broad sanctions package ahead of the third anniversary of the Kremlin’s invasion of Ukraine, according to people familiar with the matter.