Over the past week, we first noted that amid broad economic sanctions, there were numerous Russian gold refiners on the LBMA’s “Good Delivery” list, and subsequently we said that this “begged the question as to what would the LBMA do about the large number of Russian gold refineries on the LBMA Good Delivery Lists, refiners which are embedded with the Russian banks in the Russian gold market.”
The question was answered today, when the LBMA – London’s gold market – 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.
The London Bullion Market Association said on Monday that it 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. Existing bars produced by the refiners before their suspension will still be accepted. From the statement:
In light of UK/EU/US sanctions and to ensure an orderly market, LBMA has suspended the following gold and silver refiners with immediate effect:
- JSC Krastsvetmet (gold and silver)
- JSC Novosibirsk Refinery (gold and silver)
- JSC Uralelectromed (gold and silver)
- Moscow Special Alloys Processing Plant (gold)
- Prioksky Plant of Non-Ferrous Metals (gold and silver)
- Shyolkovsky Factory of Secondary Precious Metals, SOE (gold and silver)
These six refiners will no longer be accepted as Good Delivery by the London Bullion market until further notice.
Existing Material Remains Good Delivery
Following a suspension or a transfer to the Former List, the bars that the Refiner produced while on the List will still be considered Good Delivery. Please see Section 1.4 of the Good Delivery Rules for full details.
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