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. Last Updated: 07/27/2016

Top exchange sets date for export license sales

The Russian Commodities and Raw Materials Exchange will start auctioning off export licenses May 21 to the highest bidder, the exchange's President Konstantin Borovoi disclosed over the weekend.

In the past, licenses to export Russia's vast natural resources were tightly meted out by the state, prohibiting access to these valuable goods by foreign companies.

For the exchange, it will mean a boost in revenues and entry as a world player on the exchange circuit.

The RCRME has steadily moved toward its Western counterparts, dipping from yielding 90 percent of its turnover from consumer goods a year and a half ago to its current 20 percent.

Starting prices for licenses at the launch auction will begin at three to five percent of the commodity's real price, according to Alexei Vlasov, co-chairman of the RCRME joint-stock company, who will officially take over for Borovoi when he resigns.