The London gold market has suspended the certification of all Russian gold smelters, which means that the newly produced gold bars in Russia will not be traded in one of the most important gold markets in the world.

The London Gold and Silver Market Association (LBMA) said on Monday that all six Russian gold and silver smelting enterprises were suspended from being excellent delivery companies after the United States, the European Union and the United Kingdom imposed sanctions on Russia. The products produced by these enterprises before the suspension of qualification will still be accepted.

This decision is equivalent to banning newly produced Russian gold bars from entering the London market, where precious metal transactions amount to trillions of dollars every year. The excellent delivery list of London Gold and Silver Market Association is widely regarded as the international standard for financial gold trading, because most banks that trade gold only recognize precious metals produced by certified smelters.

Russia is one of the largest gold producers in the world. Major gold producers include Polymetal International Plc and Polyus PJSC. Its gold exports are usually handled by the country's commercial banks, but many of them are now facing sanctions.