Russian government imposes half-year ban on export of waste and scrap of precious metals

MOSCOW. Nov 1 (Interfax) - The Russian government has introduced a temporary ban on the export of waste and scrap of precious metals.

The restriction will be in effect from November 1, 2023 up to an including April 30, 2024, the government press service reported.

For the duration of the restrictions, Russia will not export scrap metal clad with precious metals, other waste and scrap containing precious metals or precious metal compounds. The export of waste and scrap of electrical and electronic products used to extract precious metals, which are important for the country's domestic market, will also be suspended.

"The decision will increase the capacity utilization of Russian refineries and boost tax revenues. Furthermore, it will contribute to the reduction of illegal foreign trade operations related to the export of precious metals," the statement said.

Previously, a similar ban was in effect from March 20 to September 20, 2023.