The LME said it was continuing to assess the sanctions Britain imposed in June on Potanin, known as Russia's "Nickel King".

Startup is one of several companies developing its own version of a direct lithium extraction (DLE) technology.

Volatile market reeling from a big short gone wrong can blow up if West imposes sanctions on Russia. And don’t expect Indonesia to fill in gaps anytime soon.

Ford said it has now sourced about 70% of the battery cell capacity it needs to achieve its annual production rate of more than 2 million by late 2026.

The targeted multi-year nickel supply agreement could start as early as 2025 and may involve additional commodities over time, BHP said.

The partnership will support the transition toward a net-zero future by supplying Ford with materials including lithium, low-carbon aluminum and copper.

ioneer will supply 7,000 tonnes of lithium carbonate annually for five years to BlueOvalSK, Ford's battery joint venture with SK Innovation.

Nickel prices on the LME started their ascent in January as stocks in LME-approved warehouses started to slide due to soaring demand.