Logo
  Tuesday, December 10, 2019
Sign-In  |  Sign-Up  |  Contact Us  |  Bookmark 

Russia's lower house of parliament adopted in the second and third
Russia's lower house of parliament adopted in the second and third readings on Friday a law abolishing a state monopoly on platinum exports. (Gold for Russia - Image gallery)

Under the current legislation, Russian companies that export platinum and platinum group metals carry out operations through the state-owned Almazjuvelirexport trade association.

However, the State Duma ruled that the current platinum trade scheme violates Russian anti-monopoly legislation and contradicts the existing global exchange trade system, weakening as a result Russian platinum producers' positions on world markets.

Russia is the world's second-largest platinum producer after South Africa.

In the event of the liquidation of Almazjuvelirexport, state control over platinum exports will be ensured through the existing tariff regulation system, as well export licensing procedures and state and customs control.

Last week, business daily Kommersant said Russia had begun developing major new platinum deposits for the first time since the Soviet era. Reserves at the Kievei field on north Russia's Kola Peninsula have been estimated at up to 250 metric tons, the paper said.

Earlier, Forbes said that Russian platinum supplies were due to decline this year, to 855,000 ounces compared with 910,000 ounces in 2007.


Print Russia's lower house of parliament adopted in the second and third Bookmark Russia's lower house of parliament adopted in the second and third

Related News   
OctNovember 2008Dec
MoTuWeThFrSaSu
272829303112
3456789
10111213141516
17181920212223
24252627282930
1234567