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Monday, June 27, 2022
HomeEconomyRussia's largest silver producer has nowhere to put bars

Russia’s largest silver producer has nowhere to put bars

Date: June 27, 2022 8:20 pm
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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

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