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. Last Updated: 07/27/2016

Platinum Bill Advances

MOSCOW -- Russia took a step closer to resuming stalled platinum exports Tuesday, as the State Duma, the lower house of parliament, passed the second reading of a bill amending the 1998 law which has blocked sales all year.

The bill passed easily, by 260 votes to zero, with no abstentions.

Market reaction was swift, with the spot price in London dropping $8 to $431/$436 per troy ounce within minutes of the announcement.

The bill will come before the Duma for a third and final reading Wednesday. There will be no further debate of the bill at the third reading, a vote which is seen as a formality, especially in view of the huge majority Tuesday.