Russian gold miners could get general licenses to export gold - paper
MOSCOW. Sept 30 (Interfax) - Russia's Industry and Trade Ministry has drafted amendments to allow gold miners and refiners to get general licenses to export gold and silver bars instead of one-time licenses, the Kommersant newspaper said.
The ministry believes the current system is "a constraining factor for gold exports." Analysts and companies are confident the industry can handle exports itself, and believe the decision is very timely, the paper said.
The Industry and Trade Ministry believes issuing general licenses to miners would not have negative consequences as the origin of precious metals is checked and their value assessed in accordance with world prices when they are exported.
One-time licenses are issued only for a specific foreign trade contract. General licenses are currently only issued to banks that hold licenses issued by the Central Bank of Russia (CBR) for operations with precious metals.