By Peter Hobson
LONDON (Reuters) – The London Platinum and Palladium Market (LPPM) said on Tuesday it would maintain its accreditation of two Russian precious metals refineries, meaning they can continue to sell metal on the London market, the most great in the world.
The two refiners accredited by the LPPM were JSC Krastsvetmet and the Prioksky Non-Ferrous Metals Plant.
“Following a meeting of the LPPM Management Committee last night, there will be no changes to our Good Delivery List,” said Jane-Anne Wardley, LPPM Chief Executive.
“We will obviously continue to monitor and review the situation,” she said.
The London Bullion Market Association (LBMA) on Monday suspended the six gold refineries it accredits from its good delivery lists, blocking the gold and silver they produce from the London market.
The LBMA previously asked refiners about their ties to sanctioned entities since the Kremlin sent Russian troops to Ukraine on Feb. 24.
Russia produces 25-30% of the world’s palladium, a precious metal used by automakers in exhaust systems to reduce emissions. Uncertainty over Russian shipments pushed palladium prices to record highs.
(Reporting by Peter Hobson; editing by Jason Neely)