Citi Buys $160 Million of Russian Aluminum Others Won’t Touch

Citigroup Inc. has bought about $160 million of Russian aluminum from the London Metal Exchange, something many banks have refused to touch since the invasion of Ukraine.

The US bank was behind requests to deliver about 75,000 tons of aluminum out of warehouses in Gwangyang, South Korea, that were reported by the LME on Friday, according to people familiar with the matter, who asked not to be identified discussing a private matter. The metal was originally produced by Russia’s United Co. Rusal International PJSC, they said.

There are no blanket sanctions that outlaw trading in Russian aluminum, but it has ...