Russia has announced a temporary ban on the export of precious metals waste and scrap, including gold. The ban will be in effect from December 1, 2024, to May 31, 2025. This decision aims to increase the workload of Russian refineries and boost domestic processing. By keeping precious metals within the country, Russia hopes to enhance the value added by its domestic processing facilities and mitigate the impact of international sanctions.
This move is expected to have notable implications for the global gold market. Analysts are closely monitoring how this will affect global supply and prices, as Russia is one of the world’s largest gold producers.
Sources:
https://www.reuters.com/markets/commodities/russia-bans-export-gold-precious-metal-scrap-2024-11-27/
https://www.ft.com/content/35e2b2d0-27d8-11e9-88a4-6580d77a5d33