MOSCOW, Apr 25 (PRIME) -- Gold producer Polymetal Int does not sell gold ingots in Russia because of the difference between the local and global prices, CEO Vitaly Nesis said at a conference on Monday.
"The Russian banks want to buy gold with a small discount to the London Bullion Market Association (LBMA) price. Although the discount is small, Polymetal does not currently sell gold ingots in Russia," Nesis said.
He also said that the company does not sell silver ingots because of low demand and the lack of export routes. Polymetal continues sales of gold and silver concentrates, Nesis said.
"Concerning gold and silver concentrates, the main consumers, Kazakhstan and China, have not suffered from sanctions. Smaller consumers, Japan and the E.U. continue to buy at their own risk," he said.
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