OREANDA-NEWS. The Government of the Russian Federation allowed the Ministry of Industry and Trade to issue manufacturers general licenses for the export of refined gold and silver bullion on the basis of a statement agreed by the Ministry of Finance.

Previously, general export licenses were issued only to banks that received the relevant Central Bank license. Companies and refineries could export precious metals on the basis of one-time licenses issued for a contract with a specific foreign counterparty. The Ministry of Industry and Trade has previously indicated that an analysis of the export procedure for refined precious metals revealed that the need to issue one-time licenses for the export of gold and silver bullion is one of the constraining factors in export operations.

The government also welcomes the decision at Polymetal. "This will expand our export opportunities and save us from excessive bureaucracy", the company representative said.