..refiners which are embedded with the Russian banks in the Russian gold market."

The question was answered today, when the LBMA - London's gold market - suspended all Russian refineries from its accredited list, meaning their newly minted bars can no longer trade in one of the world's most important bullion centers.

The London Bullion Market Association said on Monday that it suspended all six Russian gold and silver refineries from its Good Delivery List following sanctions imposed by the U.S., European Union and U.K. on the country. Existing bars produced by the refiners before their suspension will still be accepted. From the statement:

In light of UK/EU/US sanctions and to ensure an orderly market, LBMA has suspended the following gold and silver refiners with immediate effect:

JSC Krastsvetmet (gold and silv