It is necessary to create a new international standard of the precious metals market - Moscow World Standard (MWS), which will become an alternative to the standard of the London Bullion Market Association (LBMA), the Ministry of Finance of Russia said in a letter July 28th.

The letter of the Ministry of Finance to industry participants says that "independent international infrastructure" is needed to "normalize the functioning of the precious metals industry." According to the agency, it is "critically necessary" to create it, RIA Novosti reports.

In the "fundament of the structure" it is proposed to "put a specialized international precious metal exchange headquartered in Moscow" using the "new international standard MWS". It is also proposed to establish a Price Fixing Committee. Subject to the application of the MWS standard, it will include Central Banks and the largest banks of the EAEU countries represented in the precious metals market.

According to the Russian department, it is necessary to "rely on fixing prices in the national currencies of the key participating countries, or on new units of international settlements, such as the new unit of settlements proposed by the President of Russia within the framework of the member countries of the BRICS organization."

The Ministry of Finance wants to make membership in this organization attractive to all foreign market participants, especially China, India, Venezuela, Peru and other countries of South America, as well as Africa. The agency expects that such a step will quickly destroy the LBMA monopoly and ensure the stable development of the industry.