The country's finance ministry said the creation of a new Moscow World Standard (MWS) is critical to "normalize the operation of the precious metals industry" and provide an alternative to the LBMA.
"The basis of this new structure will be a new specialized international precious metals broker based in Moscow, which will be based on the MWS," the Finance Ministry said in a letter quoted by Russian media.
The ministry said it was considering fixing prices for precious metals in the national currencies of key member countries or with the help of a new currency unit - for example, the new BRICS currency proposed by Russian President Vladimir Putin. The pricing committee will include Central Banks and other major banks from the Eurasian Economic Union (EAEU). The EAEU member countries include Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia.
The goal is to make membership in this organization attractive to all market participants, especially for China, India, Venezuela, Peru and other countries of South America, as well as Africa.