Gold market in London suspended all Russian refineries from its accredited list meaning newly minted bullion bars of Russian can no longer trade in one of the world’s most important gold exchange.
The London Bullion Market Association suspended all six Russian gold and silver refineries from its Good Delivery List following sanctions imposed by the U.S., European Union and U.K. on the country, the LBMA said Monday.
However, existing bars produced by the refiners before their suspension will still be accepted.
The LBMA’s Good Delivery list is widely seen as the international standard for financial gold trading, as most bullion banks will only handle metal produced by accredited refineries.
This development by LBMA underscores growing list of agencies and businesses pulling back from Russia after its invasion in Ukraine.
Russia is one of the world’s biggest gold producers, home to major miners including Polymetal International Plc and Polyus PJSC.
Russian gold is mostly handled by the country’s commercial banks, many of whom are now facing sanctions.
CME Group has also suspended the approved status for warranting and delivery of gold and silver brands of the same six Russian gold refineries until further notice, according to a statement.