Russia Platinum Exports and Sanctions

Russia plays a key role in the global platinum market as one of the top exporters, but Western sanctions have created challenges for its shipments. In 2023, the country exported $6.84 billion worth of platinum, ranking second worldwide behind South Africa, which supplies over 70 percent of global primary platinum.https://oec.world/en/profile/bilateral-product/platinum/reporter/rus https://www.fxstreet.com/analysis/what-drove-the-strong-performance-of-platinum-group-metals-in-2025-202512151929

Sanctions imposed after Russia’s invasion of Ukraine have hit its platinum and palladium exports hard. These measures, along with logistical issues, have choked supplies from Russia, one of the main sources for platinum group metals or PGMs.https://gerrardsbullion.com/invest/2025-in-review-the-themes-that-shaped-the-precious-metals-market/ Russia’s economy faces ongoing pressure from these restrictions, limiting its ability to move metals freely to markets like the US and Europe.https://www.fxstreet.com/analysis/what-drove-the-strong-performance-of-platinum-group-metals-in-2025-202512151929

In 2025, fears of new US tariffs on Russian palladium added fuel to the fire. Petitions filed early in the third quarter led to a US International Trade Commission finding in late August, pushing platinum prices up to $1,563 an ounce and palladium to $1,255.https://www.fxstreet.com/analysis/what-drove-the-strong-performance-of-platinum-group-metals-in-2025-202512151929 Traders moved over 600,000 ounces of platinum to US warehouses to avoid potential trade barriers from Washington’s Section 232 probe.https://us.fashionnetwork.com/news/Platinum-hits-17-year-high-as-tight-supply-doubles-price-in-2025,1792944.html

These export hurdles from Russia combined with other supply issues to drive platinum prices sky high. The metal doubled in value during 2025, hitting a 17-year high above $1,885 an ounce and even peaking near $1,971.https://us.fashionnetwork.com/news/Platinum-hits-17-year-high-as-tight-supply-doubles-price-in-2025,1792944.html https://tass.com/economy/2060703 The World Platinum Investment Council forecasts a 692,000 ounce deficit for the year, the third in a row, with total supply dropping 2 percent to 7,129,000 ounces due to lower mining output.https://platinuminvestment.com/files/954835/WPIC_PR_PQ_Q3_2025_20251119.pdf https://tradingeconomics.com/commodity/platinum/news/510583