LBMA to Scrutinize Commercial Links of Russian Gold Refineries

Also, international banks have ties only with LBMA-approved refineries.

SEATTLE (Scrap Monster): The London Bullion Market Association (LBMA) has asked six accredited gold refiners in Russia to make it clear that they do not have any commercial links with sanctioned Russian entities. It also made that any such association may affect their accreditation.

It must be noted that JSC Krastsvetmet, JSC Novosibirsk Refinery, JSC Uralelectromed, Moscow Special Alloys Processing Plant, Prioksky Plant of Non-Ferrous Metals, and Shyolkovsky Factory of Secondary Precious Metals are the six refineries in the LBMA’s good delivery list for gold.

Sakhila Mirza, General Counsel, LBMA said that the association is working with refineries to understand the kind of relationship they have and a decision on their accreditation will be taken in the coming days.

Without LBMA accreditation, the refiners may find it difficult to sell gold and silver in the London market, which is considered to be the world’s largest. Also, international banks have ties only with LBMA-approved refineries.

Meantime, bankers and traders noted that removal of refineries from LBMA’s good delivery list is unlikely to have material impact as Russian metal may be able to still find buyers in other markets such as China and the Middle East.

YOU MAY ALSO BE INTERESTED IN:

LBMA Freezed Accreditation of Kyrgyz Gold Refinery

LBMA Gold Sourcing Program Faces Grace Criticism

• Panama President Sees No Environmental Threat from Copper at Closed First Quantum Mine
• Consumers Sue Exxon, Dow, Others over Plastic Recycling Claims
• VLS Environmental Solutions Announces Acquisition of Clearfield MMG in Virginia
• December 19, 2024: Scrap Gold and Platinum Prices Dipped, Silver Up on the Index