The State Duma, the lower house of Russia's parliament, is set to hear a bill relating to the export of platinum group metals today (Wednesday, 15th October), it has been reported.

According to official Russian news agency Itar-Tass, the bill concerns the state control of platinum group metal exports, which the Russian government believes "runs counter to Russia's antitrust laws and is excessive in the conditions of Russia's forthcoming accession to the World Trade Organisation".

At present, state company Almazyuvelirexport controls the export of platinum group metals, and as such deals with organisations including the Central Bank of Russia and Norilsk Nickel.

However, the status quo will be examined in the Duma with all three readings of the bill tipped to be carried out in the same day.

MP Oleg Morozov, first deputy speaker of the Duma, suggests that this will be of great benefit to Russia.

Quoted by Itar-Tass, he said the end of the platinum exporting monopoly "will boost our competitive capability on the international markets of precious metals".

Norilsk Nickel is a prominent producer of, amongst other metals, platinum, palladium and nickel.

Source:

Russia's Duma to permit unofficial use of state flag, 15/10/08

http://www.itar-tass.com/eng/level2.html?NewsID=13173829&PageNum=0