Russia is looking to introduce measures to get rid of the monopoly on pgm exports that currently occurs in its mining sector.

The country's ministry of economic development and trade, the ministry of finance and the central bank will work together to change the current situation.

According to Commersant, Almaz, an import-export company focusing on the export of precious metals and precious stones and the import of equipment for the jewellery industry, currently holds the monopoly for pgm exports.

An unnamed source told Interfax: "We have agreed to launch an initiative to abolish monopoly on pgm exports, which will require [us] to introduce changes into legislation."

At present Almaz receives a commission from all Russian companies that export pgms, including the world's pgm production leader, Norilsk Nickel.