GOLD NEWS

Russia Imposed Restrictions on Precious Metals Scrap Exports

Mon Dec 02 2024

The Russian government declared a comprehensive ban on exports of precious metals scrap. The six-month temporary ban, applicable for the period from December 1, 2024 to May 31, 2025, will prohibit exports of several categories of precious metal waste. It should be noted that the country had imposed a similar ban in February 2022, which was later lifted.

Redirecting vital resources to domestic processing facilities is the goal of the limitations. It will also lessen the nation's need on foreign markets and enable it realize the full economic potential of its enormous reserves of precious metals.

The recently declared prohibition includes waste and scrap of precious metals, metals coated in valuable metals, waste that contains compounds of precious metals, and waste from electrical and electronic devices used to extract precious metals. However, there are few exceptions, such as sample batches of precious metal scrap (up to 500 grams per shipment) and cathode antimony in ingots.

It is expected that the export prohibition may upset global supply chains for recycling precious metals, prompting buyers from other countries to look for other suppliers. Additionally, it might result in notable changes to the market dynamics within the recycling industry for precious metals.

Source: https://www.scrapmonster.com/