Sunday , 25 September 2022

Russian Gold Is Hit With De Facto Ban From Key London Market

London’s gold market has suspended all Russian refineries from its accredited list, meaning their newly minted bars can no longer trade in one of the world’s most important bullion centers.

@$$4$The London Bullion Market Association suspended all six Russian gold and silver refineries from its Good Delivery List following sanctions imposed by the U.S., European Union and U.K. on the country, the LBMA said Monday. Existing bars produced by the refiners before their suspension will still be accepted. In addition, the CME Group has also suspended the approved status for warranting and delivery of gold and silver brands of the same six Russian gold refineries until further notice…

The decision amounts to a de facto ban on new Russian gold bars entering London’s market, where trillions of dollars of precious metals trade each year. The LBMA’s Good Delivery list is widely seen as the international standard for financial gold trading, as most bullion banks will only handle metal produced by accredited refineries…

The status of palladium and platinum refineries remains unchanged, as they are managed by the London Platinum and Palladium Market. Russia is the top producer of palladium, accounting for about 40% freshly mined supply.

The above version of the original article by Eddie Spence was edited [ ] and abridged (…) to provide you with a faster and easier read. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.

 

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