Russia comes up with an alternative to LBMA status

The Ministry of Finance of the Russian Federation proposes to create a new international standard for the precious metals market: the Moscow World Standard, abbreviated as MWS. The MWS is intended to become an alternative to the London Bullion Market Association (LBMA) as we currently know it.
 

Moscow World Standard

The new standard will include not only a quality certification but also its own trading platform for precious metals. The idea is to launch a fully-fledged international alternative to the London gold market.
 
Russia has historically been one of the largest producers of precious metals in the world. Until recently, Russian producers adhered to the foreign market standards of the LBMA. However, this accreditation was revoked in the spring of 2022 for all Russian precious metal producers.
 
As an alternative, Russia is now introducing the Moscow World Standard. It is essential to make membership in this organization attractive without exception for all foreign participants in the precious metals market. According to the letter, the establishment of such a standard will be able, in the shortest possible time, to break the LBMA's monopoly and create a strong international association of participants in the precious metals industry, ensuring the stable development of the industry, both in Russia and around the world.

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