Metals Notes

Russian Sanctions and Precious Metals Markets: What’s the Strategy?

By Lisa Murray-Roselli

In March of 2022, the London Bullion Market Association (LBMA) and the CME Group, Inc barred six Russian precious metal refiners from the London Good Delivery Lists for gold and silver. This move coincided with the US Treasury Department’s declaration that any transactions involving gold from Russia’s Central Bank are included in the full spectrum of US sanctions against Russia. In addition, US Federal legislators have proposed secondary sanctions which would block the transportation of gold from Russia’s Central Bank. Read more