In light of the recent sanctions placed on Polyus PJSC, and Polymetal JSC, the Russian unit of Polymetal International Plc. by the US Department of the Treasury’s Office of Foreign Assets Control, we wish to remind members of their obligations.
Under LBMA Member Rules, all Members must comply with all relevant economic/trade sanctions lists, which for the avoidance of doubt include – but are not limited to – the UN, EU, UK and US sanction lists. Breach of relevant economic/trade sanctions lists could lead to immediate removal from Membership.
This is in addition to separate GDL Refiners' obligations under LBMA Good Delivery Rules to adhere to UN, EU, US, UK, or any other relevant, economic and/or trade sanction lists.
The latest update as well as background on Russian Good Delivery bars are found on the LBMA website here. If you have any questions, please get in touch with LBMA.