Russia retains second place globally in terms of platinum and palladium reserves, while the largest deposits of these metals are concentrated in Krasnoyarsk Territory, according to the Russian Ministry of Natural Resources.
The ministry estimates that as of the beginning of 2026, the country's reserves stood at 3,631 tonnes of platinum and 11,354 tonnes of palladium.
The largest Russian platinum group metals (PGM) fields remain the Oktyabrskoye at 4,971.4 tonnes of reserves; the Talnakhskoye at 4,106.1 tonnes; and the Norilsk I at 3,203.3 tonnes. All three are located in Krasnoyarsk Territory, within the Norilsk industrial district. This region remains the key hub for Russia's PGM production.
During the first nine months of 2026, Russia's platinum and palladium resources grew by an additional 12.136 tonnes. However, 2026 did not yield any major new discoveries of platinum or palladium deposits in Russia. The Ministry of Natural Resources also has no plans to hold auctions for PGM licenses this year.
Mining output is another factor influencing the market. Nornickel, the world's largest palladium producer, has announced that it expects a slight decline in PGM output in 2026 due to changes in ore processing mix.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
