The London Bullion Market Association has placed an immediate ban on Russian gold and silver.

In response to growing sanctions over Russia's invasion of Ukraine, the London Bullion Market Association (LBMA) has removed all seven Russian gold and silver refiners from its Good Delivery list.

The bans take effect immediately, which means that no gold or silver bars produced after March 7 will be accepted by the London Bullion market.

Up until the point of suspension, gold and silver bars produced by Russian refiners will meet the required market acceptability standard.

Last year, LBMA was chastised for its Responsible Sourcing Program, which five civil society organizations claimed had "serious shortcomings" as a result of which investors "cannot have confidence that LBMA's Good Delivery gold is free of human rights abuses and not linked to conflict and illicit trade" according to an open letter.

The LBMA reacted by urging a "global effort among all the value chain actors" to address the "challenges and risks" of reducing gold's "illegitimate sector"

By fLEXI tEAM