Posted By- Admin
17 Dec, 2021
Russia discusses with BRICS to establish precious metals market, hoping to counter Western power
Russian Finance Minister Anton Siluanov said Russia is discussing with BRICS countries the establishment of an international precious metals market to ensure fair pricing and promote growth in trading.
Leaders from the BRICS countries, which account for 37% of the global economy, met in the Russian city of Kazan this week to discuss initiatives to create an alternative to the financial and trade infrastructure dominated by Western countries.
“The mechanism will include the creation of price indicators for metals, standards for the production and trading of bullion, and instruments for the qualification of market participants, settlement and monitoring within BRICS,” Siluanov said in a statement on Thursday.
The BRICS precious metals market will compete with Western trading platforms such as the London Metal Exchange (LME), and will help protect trading from Western sanctions against BRICS countries such as Russia and Iran.
The BRICS leaders previously expressed support for efforts to increase precious metals trade among the bloc in a joint statement on Oct. 23.
The report said Russia is the world’s second largest gold producer, and one of Russia’s largest companies, Nornickel, is the world’s largest palladium producer, accounting for 40% of total production.
All major Russian gold producers are under Western sanctions, which have affected Nornickel’s operations and palladium exports, although the company itself is not directly sanctioned.
Leaders from the BRICS countries, which account for 37% of the global economy, met in the Russian city of Kazan this week to discuss initiatives to create an alternative to the financial and trade infrastructure dominated by Western countries.
“The mechanism will include the creation of price indicators for metals, standards for the production and trading of bullion, and instruments for the qualification of market participants, settlement and monitoring within BRICS,” Siluanov said in a statement on Thursday.
The BRICS precious metals market will compete with Western trading platforms such as the London Metal Exchange (LME), and will help protect trading from Western sanctions against BRICS countries such as Russia and Iran.
The BRICS leaders previously expressed support for efforts to increase precious metals trade among the bloc in a joint statement on Oct. 23.
The report said Russia is the world’s second largest gold producer, and one of Russia’s largest companies, Nornickel, is the world’s largest palladium producer, accounting for 40% of total production.
All major Russian gold producers are under Western sanctions, which have affected Nornickel’s operations and palladium exports, although the company itself is not directly sanctioned.
