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Russia introduced the first temporary ban on precious metals and electronic scrap exports in February 2022 — shortly after Western sanctions began cascading in response to the invasion of Ukraine — under authority delegated by Federal Law N° 164-FZ of 8 December 2003 "On the Fundamentals of State Regulation of Foreign Trade Activity" (Article 32) and Federal Law N° 41-FZ of 26 March 1998 "On Precious Metals and Precious Stones." Resolution N° 1947 of 28 November 2025 is the fourth consecutive six-month renewal.
The ban sequence: 1. February 2022 — initial temporary ban introduced 2. May 2022 extension — first renewal (6-month cycle established) 3. November 2023 extension — third renewal (pre-Resolution 1947) 4. Resolution N° 1947 (28 November 2025) — fourth renewal, December 2025 to May 2026
platinum-group metals including palladium, rhodium, iridium, osmium, ruthenium)
equipment used principally for the recovery of precious metals (printed-circuit-board scrap, catalytic-converter scrap, dental-amalgam scrap, refinery anode-slimes, copper-electrolyte residues)
Russia is a top-three global source of palladium-bearing scrap and a non-trivial contributor to gold-bearing electronic scrap flows. The sustained ban has redirected refining feedstock toward:
Johnson Matthey (Royston, UK)
The ban has tightened the global circular-economy feedstock balance for PGMs, particularly palladium, supporting elevated palladium spot prices. LBMA gold fix and LPPM palladium fix are the primary price signals carrying this structural shift into the MacroLens price-momentum pillar.
Severity 3 reflects: (i) fourth extension of a multi-year export control that has become structurally embedded in Russian resource policy; (ii) material effect on global PGM-scrap market structure and circular-economy feedstock flows; (iii) issuer is not an OECD member and the ban operates within the broader post-2022 resource-nationalist counter-sanctions posture. Capped at 3 because the measure does not introduce new restrictions — it is a rolling extension of an established regime whose market-structure effects are already substantially priced in.
2022, and Russia has no stated intention to lift it as long as Western sanctions on Russian metals exports remain in force.
tightened Russian scrap competition, but also face higher feedstock acquisition costs as Russian supply remains locked in.
ban by blocking financial flows even where technical carve-outs might otherwise apply.
approved a further extension for the 1 June to 30 November 2026 period, under a separate Government Resolution with number not yet publicly confirmed. This filing covers Resolution 1947 only; the 5th extension should be filed as an amendment or new filing once the resolution number and official text are located.
2026-03-25-russia-decree-193-gold-export-ban) operates in parallel; the two instruments together constitute a near-comprehensive precious-metals outflow restriction.