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Russian bullion refinery suspended from trading in London

The Renova Group-controlled Ekaterinburg nonferrous metals processing plant in Russia was suspended by the London Bullion Market Association from its gold and silver good delivery lists, effective May 14, citing "ownership related issues", Reuters reported May 15.

The Russian company, as well as its key shareholder Viktor Vekselberg, was sanctioned by the U.S. in April.

The good delivery lists name refineries that meet the requirements of the London bullion market for gold and silver bars, and a suspension will leave traders cautious about dealing with precious metals produced by any off-list refineries on the world's largest bullion market.

However, the global market is not expected to be affected by the sanctions as most Russian bullion remains in the country.

In mid-May, the London Metal Exchange said it did not plan to lift a suspension on metal made by Russian aluminum producer United Co. Rusal PLC, despite a decision by the U.S. to extend a deadline for companies to wind down contracts with the firm.