St. Petersburg’s SPIMEX Aims For Competition With The London Metals Exchange

The St. Petersburg International Mercantile Exchange (SPIMEX) is preparing for trading in platinum bullion, SPIMEX president Igor Artemyev has stated, and is collaborating with Norilsk Nickel on the matter. The Russian Ministry of Finance also has a specific interest in organizing the trading, though legislation will be required to permit such trade.

Artemyev said, “We are not be able to create a liquid market for platinum without adopting regulatory amendments. Once we have developed a liquid market, we aspire to become an alternative to the London Metals Exchange—with SPIMEX becoming a Russian indicator for global gold, silver, and platinum.”

The State Administration for the Issue of Bank Notes (Goznak) is the SPIMEX’s partner in organizing trading in precious metals. SPIMEX launched trading in precious metals in October 2025, with 1-kg gold bars selling for ₽11 million and 29.5-kg silver bars selling for ₽5.7 million, although prices for both metals have subsequently increased.

Russia possesses about 12,000 tonnes of gold deposits (unmined gold still in the ground), about 80,000 tonnes of silver deposits, and about 13,000 tonnes of platinum deposits.

In terms of actual physical reserves, Russia holds 74.8 million Troy ounces (2,326.54 tonnes) of gold, 92,000 tonnes of silver, and 780,000 oz of platinum, in all cases the largest such physical reserves of these metals globally.