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Russia is currently in discussions with other BRICS nations to establish a new international precious metals exchange. This initiative, announced by Finance Minister Anton Siluanov, aims to create a framework for equitable pricing and enhance trade relationships among member countries. The exchange will include price indicators and production standards, and it is designed to challenge existing Western platforms like the London Metal Exchange.

This move is particularly significant as it comes in response to ongoing Western sanctions that have impacted key Russian companies, such as Nornickel and Polyus. By developing this exchange, BRICS aims to bolster its economic independence and create a more balanced trading environment in the precious metals market.

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