The government of the Russian Federation has submitted a bill to the State Duma that prohibits refineries from accepting shipments of precious metals without confirmation of their authenticity and legality of origin through the state integrated information system which controls the turnover of precious metals and precious stones.
The amendment is being made to article 20 of the Law "On Precious Metals and Precious Stones".
An exception is made for cases when the precious metal is not subject to special registration and comes from the owner or another person who legally owns it.
If adopted, the law will enter into force on September 1, 2026. Interfax.ru reports.
Earlier, the government tightened the requirements for refineries. Now, only an enterprise that has processed at least 50 tonnes of raw materials over three years and produced at least 9 tonnes of gold and at least 20 tonnes of total platinum and platinum group metals from it will be able to obtain a refining license.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
