Polymetal stores silver bullion and cannot sell it due to sanctions
Polymetal, Russia’s largest silver producer, announced an increase in the number of silver bars in warehouses, RBC writes with reference to the press service.
“Polymetal continues to stockpile silver bullion due to a lack of reliable export channels and domestic sales opportunities,” the company said. According to Polymetal, in 2022 the share of silver bars in the sales structure may be less than 5 percent. Physical volumes of accumulated metal are not disclosed for security reasons.
Before this, Polymetal mainly sold silver bullion to Europe, now it has nowhere to go due to Western sanctions. The EU and the UK have previously banned the import of Russian silver.
Not only in this area there are problems with sales. For example, the world’s largest plywood manufacturer, Russia’s Sveza, has drastically reduced production. The company is 60-80 percent undercharged due to the inability to export its products.
Source: lenta.ru
*The article has been translated based on the content of lenta.ru. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!
