The largest producer of silver in Russia reported a backlog of bullion

Russia's largest silver producer Polymetal has warned of an increase in the number of silver bars in its warehouses.The company cannot supply them to the main market - Europe - due to Western sanctions

Polymetal, Russia's largest silver producer and second largest gold producer, has warned of an increase in the number of silver bars in stock. This is stated in the press release of the company received by RBC.

"Polymetal continues to stockpile silver bars due to the lack of reliable EXPORT channels and domestic marketing opportunities," the statement said. According to her estimates, in 2022 the share of silver bars in the sales structure will be less than 5%.

But the physical volumes of the accumulated metal are not disclosed for security reasons, a company representative explained to RBC.

Now Polymetal, the largest shareholders of which are Alexander Nesis and partners (through the ICT group they own 23.9% of the shares), is negotiating supplies with international commercial and industrial structures.

Japan will ban the export of banknotes, gold coins and bullion to RUSSIA Politics

Why Polymetal Can't Sell Silver

Polymetal continues to stockpile silver bars due to a lack of reliable export channels and domestic distribution opportunities, the company said in a statement. Previously, the company mainly sold silver bullion to Europe, which was made impossible by Western sanctions, a spokesman for the company explained.

Read on RBC Pro Pro He charmed everyone, created a sect and earned $1 billion:the story of the creator of WeWork Articles Pro Why Russian oil and gas is still coping with sanctions pressure Articles ProHello, Izaura: what awaits online cinemas after the departure of Western majors Articles Pro Russians began to buy less.How it fits into this e-commerce Instructions Pro Loves cola and hates sports:how the anti-life Elon Musk lives Articles Pro In depth:what freediver skills are useful in everyday life Articles Pro Weakening player:what foreign media predicts for Russian oil and gas2022 tax changes Articles

From European countries, silver from Russia was purchased by the United Kingdom and Switzerland in 2021, follows from the data of the Federal Customs Service. Great Britain during this period imported 263.07 tons of silver, Switzerland - 102.42 tons.

The European Union, in response to Russia's special military operation in Ukraine, imposed a ban on the import of Russian silver in early April. Following her, the UK banned the import of this precious metal. The ban on the import of Russian silver in Switzerland was not reported.

Polymetal produced 20.4 million troy ounces of silver (634.51 tons) in 2021 and sold 17.5 million troy ounces (544.31 tons).