Gold bullion and silver refineries OJSC Krastsvetmet, OJSC Novosibirsk Refinery, OJSC Uralelektromed, Prioksky Non-Ferrous Metals Plant, Schelkovo Secondary Precious Metals Plant and Pure Gold Moscow Plant of Special Alloys were excluded from the list of goods for LBMA supply .
The London Bullion Market will no longer accept gold and silver bars processed after these refineries suspended orders.
The London precious metals market is the largest in the world and the suspension is expected to have a major impact on trading partners who have suspended refineries.
In addition, several US senators are trying to pass a bill that would prevent Russia from liquidating gold assets, which could be used to mitigate the effects of economic sanctions.
The bill aims to freeze Russia’s gold reserves, as well as the current sanctions on the country’s foreign currency assets, as a punitive measure.
The senators who drafted the bill sought additional sanctions against US companies that trade or ship gold to Russia, as well as those who sell gold in Russia by physical or electronic means.
Senator Angus King, one of the bill’s sponsors, told Axios that “Russia’s vast gold reserves are one of the few remaining assets that [President Vladimir] Putin can use to prevent further economic decline in his country.”
“By imposing sanctions on these reserves, we can further isolate Russia from the global economy and make Putin’s increasingly costly military operations more difficult.”
According to the Central Bank of Russia (the country’s central bank), Russia’s international reserves stood at $643.2 billion (AU$881.41 billion) as of February 18, placing it in fourth place among the countries with the highest foreign exchange reserves.
LVMH, which owns Bulgari, Chaumet and Fred, TAG Heuer, Zenith and Hublot, joins Richemont, Hermès, Chanel, and The Kering Group together closed its stores in Russia.
The decisions come after the Swatch Group, which owns Omega, Longines, Tissot and Breguet, announced it was suspending export and trade operations following the imposition of economic sanctions against Russia.
Read more Luxury Jewelery Company Closes Operations in Russia; donates aid funds Swatch Group stops exports to Russia Economic sanctions on Russia are believed to affect the diamond trade
Post time: Aug-10-2022
