Importers and refiners still see strong value in sourcing precious metal ore from Russia, but today this trade sits in a far more complex regulatory, logistical and financial landscape than before. Working with a specialist partner like Wigmore Trading can help you tap legitimate opportunities while keeping compliance, risk management and cost control firmly under control.

The opportunity in Russian precious metal ore

Russia remains a major global supplier of metals and precious stones, with these categories representing a significant share of its export earnings. For qualified buyers, this can mean access to attractive grades, competitive pricing and long-term supply relationships – provided all relevant sanctions and export-control laws are observed.

Typical buyers include:

• Precious metal refiners and smelters

• Industrial users in electronics, automotive and aerospace supply chains

• Trading houses supplying manufacturers in Africa, the Middle East, Asia and Europe

However, since 2022, international sanctions have reshaped how companies do business with Russian counterparties. Banking restrictions, shipping limits and enhanced export controls now affect many categories of goods – and compliance expectations are higher than ever.

That is why any plan to buy and export precious metal ore from Russia must start with a clear, documented compliance strategy.

What it takes to export Precious Metal Ore from Russia compliantly

Before engaging with suppliers, you should work through three critical questions:

1. Is the trade legally permitted?

   • Map the product precisely (ore type, content, HS code).

   • Check whether your specific goods are restricted or controlled under sanctions, export controls or critical-minerals lists in your own jurisdiction and in any transit countries.

   • Consider not just import bans, but also financial and services restrictions that could affect payment, insurance, brokering and shipping.

2. Are your counterparties clean and transparent?

   • Screen Russian exporters, intermediaries, transport companies and banks against UN, US, EU, UK and other sanctions lists.

   • Watch for “red flags” such as unexplained intermediaries, unusual routing, or last-minute changes to ownership or end-users, all of which are highlighted in recent G7 and EU guidance on sanctions evasion.

3. Can you execute the trade in practice?

   • Check what payment channels remain available; many Russian banks are sanctioned or have limited access to the global financial system.

   • Confirm that freight, insurance and port services can legally and practically handle your cargo, including any bans on Russian vessels or certain routes.

Wigmore Trading can help you navigate these issues by coordinating with your legal advisers, conducting on-the-ground supplier checks and sourcing routes that fit your risk appetite and compliance framework.

Key steps in structuring a compliant export from Russia

Once you are satisfied that the transaction is permitted and commercially attractive, a structured approach helps reduce operational risk:

1. Define product specifications and HS codes

Clear technical specifications (grade, moisture, impurities, packaging, assay methods) reduce disputes and support accurate customs declarations. Correct HS codes are essential for determining duties, licences and any product-specific sanctions.

2. Build robust contracts

Your contracts with Russian suppliers and any intermediaries should include:

• Precise product description and origin

• Transparent pricing formulae (e.g. linked to metal market benchmarks)

• Delivery terms (Incoterms®) and responsibility for export licences and customs clearance

• Clear “no circumvention” wording to prevent unlawful re-exports or use in prohibited end-uses, aligned with emerging “no-Russia” clause guidance used by many exporters globally.

Wigmore Trading can support with commercial terms and practical clauses while you obtain formal legal review from your own counsel.

3. Conduct enhanced due diligence

For precious metal ore, regulators expect a risk-based due diligence approach, including:

• Screening all entities involved against sanctions and adverse media

• Verifying corporate ownership to ensure no hidden sanctioned persons

• Understanding end-use and end-users, especially where goods could be used in sensitive sectors

Wigmore Trading applies structured KYC and counterparty checks and can work with your compliance team to share documentation and findings.

4. Plan logistics and insurance early

Transport to your refinery or customer needs careful design:

• Route planning to avoid restricted ports or territories

• Choice of carrier and freight forwarder that understands Russian sanctions compliance

• Cargo insurance that explicitly covers the chosen route and counterparties

With established relationships across shipping lines, forwarders and insurers, Wigmore Trading can help coordinate door-to-door solutions that fit the current regulatory landscape.

5. Prepare documentation and record-keeping

Core documentation typically includes:

• Commercial invoice and packing list

• Bill of lading or airwaybill

• Certificate of origin and, where relevant, inspection/assay certificates

• Export licences or permits (if required)

Maintaining a complete audit trail – including due diligence files and transaction risk assessments – is increasingly important as regulators focus on sanctions enforcement and circumvention.

How Wigmore Trading supports buyers of Russian precious metal ore

Wigmore Trading combines commodity sourcing experience with practical trade and logistics support for clients across Africa and other emerging markets. When you want to export Precious Metal Ore from Russia, our team can:

• Identify and vet reliable Russian suppliers with the right grades, volumes and track records

• Coordinate compliance checks alongside your legal and compliance teams, helping gather the documentation you need to make informed decisions

• Structure competitive, transparent commercial terms, balancing price, quality and risk allocation

• Manage logistics from mine to destination, including consolidation, storage, multi-modal transport and export formalities

• Support quality assurance, from third-party inspections to independent assays, so you know exactly what you are buying

Wigmore Trading can help you turn a complex market into a manageable, structured opportunity – always within the boundaries of applicable law and sanctions.

Get in touch with our team to learn more about how we can support your next sourcing project. Contact Wigmore Trading today to streamline your sourcing.

Practical risk-management tips for long-term buyers

If you plan recurring purchases of precious metal ore from Russia, it is worth embedding a few extra safeguards into your strategy:

• Diversify suppliers and routes so that any change in rules, sanctions or logistics does not halt your entire supply chain.

• Review transactions regularly, updating your risk assessment as sanctions and guidance continue to evolve.

• Align internal policies (KYC, sanctions screening, contract approvals) with the specific risks of Russian-origin ores and concentrates.

• Stay close to specialist partners like Wigmore Trading who follow regulatory and market developments and can flag issues early.

By combining strong compliance foundations with experienced commercial and logistics support, you can still access legitimate supplies of precious metal ore, even in a challenging global environment.