After a surge driven by the intensifying Russia-Ukraine crisis, the London Metal Exchange (LME) upped its margin requirements for aluminum and nickel contracts on Friday, effective at the close of business on March 8.

Russia is a major exporter of important raw materials such as aluminum and nickel sold on the London Metal Exchange. The prospect of goods being barred from entering the nation owing to sanctions has pushed dealers and importers into a frenzy.

The exchange raised margin requirements for aluminum contracts by 10% to $242 per tonne, while hiking margin requirements for nickel contracts by 12.5% to $2,250 a tonnes.

Aluminum prices hit a record $3,867 a tonne on Friday, a 17% rise since Feb. 23, while nickel touched a near 14-year peak of $30,295 a tonne, climbing 24% since Feb. 23.

Margins for other metals traded on the LME such as copper, zinc, lead and tin were unchanged.