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LBMA suspends Russian precious metals refinery from 'good delivery' lists
By Peter Hobson
Tuesday, May 15, 2018
LONDON -- The London Bullion Market Association said today it had suspended the Ekaterinburg Non-Ferrous Metals Processing Plant from its gold and silver good delivery lists due to "ownership-related issues."
The refinery in Russia is controlled by Moscow-based conglomerate Renova Group, which along with its key shareholder, billionaire Viktor Vekselberg, was sanctioned by the United States on April 6.
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The LBMA said in a notice the refinery would be removed from its active good delivery lists from May 14.
The good delivery lists contain refineries whose gold and silver bars meet the required standard for acceptability in the London bullion market, the world's largest.
The London Bullion Market Association did not comment when asked whether the suspension was linked directly to the sanctions. "Due diligence in regard to the credibility of the lists is continuously reviewed on an ongoing basis," LBMA chief executive Ruth Crowell said. ...
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