Palladium futures rallied Thursday to their highest price of the year, buoyed by the suggestion of sanctions on exports of the metal from Russia, which is the world’s largest exporter.

The US asked Group of Seven allies to consider sanctions on Russian palladium and titanium, a person familiar with the matter said, as the Biden administration mulls fresh ways to squeeze President Vladimir Putin’s war machine.

Palladium prices rose 10% in less than a 24-hour period Wednesday after the United States petitioned Group of Seven countries to impose sanctions on Russian palladium and titanium as part of an ongoing effort to put pressure on the Russian economy amid the war in Ukraine.

Russian troops attacked the city of Kupiansk in Kharkiv Oblast on the morning of 24 October, targeting the local market, resulting in the deaths of several residents. Source: Oleh Syniehubov, Head of Kharkiv Oblast Military Administration,