LONDON - The London Platinum and Palladium Market (LPPM) said on Tuesday it would maintain its accreditation of two Russian precious metals refineries, meaning they can continue to sell metal in the London market, the world's largest.
The two refiners accredited by the LPPM were JSC Krastsvetmet and the Prioksky Plant of Non-Ferrous Metals.
"Following a meeting of the Management Committee of the LPPM last night, there will be no changes to our Good Delivery list," the LPPM's Chief Administrative Officer, Jane-Anne Wardley, said.
"We will obviously continue to monitor and review the situation," she said.
The London Bullion Market Association (LBMA) on Monday suspended all six gold refineries it accredits from its good delivery lists on Monday, blocking gold and silver they produce from the London market.
The LBMA had earlier asked the refiners what links they had with entities that have been sanctioned since the Kremlin sent Russian troops into Ukraine on February 24.
Russia produces 25% to 30% of the world's palladium, a precious metal used by automakers in exhaust systems to reduce emissions. Uncertainty about Russian shipments has pushed palladium prices to record highs.