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Kyrgyzstan blocked from London gold trading over missing bars
By Joe Wallace
The Wall Street Journal
Friday, September 17, 2021
The organization that oversees London’s gold trading blocked metal mined in Kyrgyzstan from entering the city’s market, dealing a blow to the central Asian nation’s bullion-dependent economy.
The London Bullion Market Association said Friday it had suspended Kyrgyzaltyn OJSC, Kyrgyzstan’s state-owned gold producer, from its list of acceptable refiners.
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The list sets standards in London’s gold market, one of the world’s biggest, and is regarded as an international benchmark. Traders and officials have said the move will likely restrict Kyrgyzaltyn from selling bars in other gold hubs including Switzerland and New York.
The LBMA’s move was prompted by accusations from a London unit of trading firm StoneX Group Inc. that the Kyrgyz refiner had failed to deliver a half metric ton of gold bars. It further accused the refiner of trying to divert about $29 million owed to a unit of Canada’s Centerra Gold Inc. for the bars. ...
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