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To: Goose94 who wrote (131075)	8/16/2022 3:55:52 PM
From: Goose94	Read Replies (1) \| Respond to of 203432

Gold: Russian government plans to 'break the LBMA monopoly' on gold Treasury Proposes to Create Alternative to the London Precious Metals Standard July 28th 2022 Via Google Translator vz.ru A new international standard for the precious metals market, the Moscow World Standard (MWS), should be created to become an alternative to the standard of the London Bullion Market Association (LBMA), the Russian Finance Ministry said. A letter from the Ministry of Finance to industry participants says that "an independent international infrastructure" is needed to "normalize the functioning of the precious metals industry." According to the department, it is critically necessary to create it, RIA Novosti reports. It is proposed to place a specialized international precious metals exchange headquartered in Moscow using the new international standard MWS as the basis of the structure ." It is also proposed to establish a Price Fixing Committee. Subject to the application of the MWS standard, it will include the central banks and the largest banks of the Eurasian Economic Union countries represented in the precious metals market. According to the Russian department, it is necessary to bet on fixing prices in the national currencies of the key member countries, or on new units of international settlements, such as the new unit of settlements proposed by the president of Russia within 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, and Venezuela, Peru, and other countries of South America, as well as Africa. The agency expects that such a move will quickly break the LBMA monopoly and ensure the stable development of the industry. Recall that the Council of the European Union approved the seventh package of anti-Russian sanctions, including a partial embargo on gold, blacklisting 55 individuals and legal entities, expanding the list of dual-use goods prohibited from import. The largest producer of primary silver and the second-largest gold producer in Russia, Polymetal, is exploring the possibility of selling Russian assets. From Vzglyad Institute for Socio-Economic and Political Studies, Moscow