Ministry of Industry and Trade proposes to extend ban on exporting precious metals waste and scrap from Russia for six months

MOSCOW. April 12 (Interfax) - Russia's Ministry of Industry and Trade proposes to extend temporary restrictions on the export of precious metals waste and scrap from Russia, the ministry said.

The restriction is planned to be extended from May 1 to October 31. The previous restriction ends on April 30 of this year.

The ban is being introduced to increase the capacity utilization of Russian enterprises for processing precious metals waste and scrap, including refineries. The mechanism has proven its effectiveness, making it possible to attract significant volumes of secondary raw materials containing precious metals into the processing and production of precious metals, the Ministry of Industry and Trade said.

The ban was introduced in March 2023.

This extension is due to the length of the processing cycle for precious metals waste and scrap, which lasts from 130 to 160 days, as well as to provide processing plants and refineries with the additional time they require and a stable source of raw materials containing precious metals, the ministry said.