The Russian government has extended the ban on the export of precious metal waste and scrap, which will come into effect on December 1, 2024, and last until May 31, 2025. This restriction was already in place from November 1, 2023, to April 30, 2024, and from May 20 to November 20, 2024.
The main goal of the ban is to increase the workload of Russian refining enterprises, according to the government's press service. The ban covers several types of materials, including waste and scrap of precious metals; waste and scrap coated with precious metals; other materials containing precious metals or their compounds. In addition, waste and scrap of electrical and electronic products used for the extraction of precious metals are also subject to the restriction.
However, there are some exceptions. The ban does not apply to the export of cathode antimony in ingots, as well as samples taken from batches of precious metal scrap and waste, which are sent by refining organizations. The mass of each sample should not exceed 500 g per consignment.
The measures are aimed at attracting larger volumes of secondary raw materials for processing and production of precious metals within Russia.
In May 2024, the Central Bank of the Russian Federation also issued methodological recommendations for banks on monitoring transactions with precious metals, urging them to identify suspicious transactions.
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