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. Last Updated: 07/27/2016

Kasyanov Approves Platinum Export Quotas

Prime Minister Mikhail Kasyanov has signed a resolution granting 2002 export quotas to platinum group metals producers and inventory holders, a senior finance ministry official said Tuesday.

"The quotas have been signed," said Leonid Tolpezhnikov, the head of the precious metals department at the Finance Ministry. "I don't have all the details, as the document hasn't arrived [at the ministry] yet," he added.

A government source said the quotas had been issued to the "traditional set" of platinum group metals stock holders."

The resolution, which is a state secret, is expected to grant a quota for exports of palladium and platinum to the Central Bank and to the Gokhran state precious metals and gems repository, which is part of the Finance Ministry.

It is also expected to grant quotas to small primary platinum producers and to Almazyuvelirexport, Russia's sole platinum group metals exporting agency.

"The only difference is that previously, quotas have been issued for certain export volumes and now they only set the upper level of export volumes," the government source said. "And anyway the prices are weak and no one is in a hurry to export."

Last month the government issued a separate resolution granting a five year quota for platinum and rhodium export to metals giant Norilsk Nickel, which already has a 10 year quota for palladium.

Russia is the world's largest supplier of palladium, a platinum group metal used essentially in the car industry, and is an important exporter of platinum.