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While this took almost two weeks, it’s still far more prompt than many government sanctions.
Good Delivery List Update: Gold & Silver Russian Refiners Suspended, MARCH 07, 2022

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 silver) 
* JSC Novosibirsk Refinery (gold and silver) 
* JSC Uralelectromed (gold and silver) 
* Moscow Special Alloys Processing Plant (gold)  
* Prioksky Plant of Non-Ferrous Metals (gold and silver) 
* Shyolkovsky Factory of Secondary Precious Metals, SOE (gold and silver)

These six refiners will no longer be accepted as Good Delivery by the London Bullion market until further notice. 



Existing Material Remains Good Delivery


Following a suspension or a transfer to the Former List, the bars that the Refiner produced while on the List will still be considered Good Delivery. Please see Section 1.4 of the Good Delivery Rules for full details. https://www.lbma.org.uk/publications/good-delivery-rules/background-and-high-level-principles

Background 


The London Good Delivery List of Acceptable Refiners of gold and silver is maintained by LBMA, by whom it is copyrighted. https://www.lbma.org.uk/good-delivery/gold-current-list

It lists those refineries whose gold and silver bars have been found, when originally tested, to meet the required standard for acceptability in the London Bullion market”. https://www.lbma.org.uk/articles/good-delivery-list-update-gold-silver-russian-refiners-suspended

Potanin and Norilsk Nickel mining have still not been sanctioned, except by Australia and Canada. They do make gold as a byproduct, but their refiner was JSC Krastsvetmet, which is on the above list. https://web.archive.org/web/20210413143308/https://www.nornickel.com/business/products/gold/#ingots_pda

Will Russia origin gold be frozen or seized assets or will the G-7 create a loophole? Gold does have a “fingerprint” which helps to indicate its origins.
G-7 to Expand Sanctions on Moscow With Ban on Russian Gold: U.S. official says the ban aims to punish Russia for invasion of Ukraine” By Alex Leary and Hardika Singh Updated June 25, 2022 4:41 pm ET “The U.S. will join other leading countries in banning Russian gold imports, broadening a sanctions regime against Moscow as an international summit is set to begin Sunday, according to a U.S. official”. https://www.wsj.com/articles/g-7-to-expand-sanctions-on-moscow-with-ban-on-russian-gold-11656188725

Three Tons of Russian Origin Gold Exported from UK to Switzerland in May; Apparent Sanctions Loopholes

Swiss Association of Manufacturers & Traders of Precious Metals (AFCMP): Members Not Responsible for Import of Russian Gold; “Dubious Gold has No Place in Switzerland”

London Gold and Silver Vault Data at End of May 2022