Russians bought 95 tons of gold in 2023 – Kommersant
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Deputy Minister of Finance of Russia Alexey Moiseev told reporters that Russian individuals purchased 95 tons of gold in 2023, which is 5 tons less than in 2022. According to Mr. Moiseev, the main volumes of purchases occurred in the fourth quarter of the year, when exchange rate export duties were introduced on gold and a number of other goods.
“We noticed that the year consists of two halves, more precisely, three quarters and one quarter, and that the purchase of gold by individuals was systematically reduced throughout the year and then sharply increased in the fourth quarter. And this coincidence with the introduction (export coursework.— “Kommersant”) duties from October 1, of course, puzzled us,” said the deputy minister (quoted from “Interfax”).
According to Mr. Moiseev, the Ministry of Finance has not yet made a final decision on introducing restrictions on the export of gold by individuals. He said that the ministry continues to monitor whether the sharply increased volume of private gold exports from the Russian Federation was a one-time surge or is this a new trend.
The Deputy Minister noted that the demand for gold currently remains high; market participants note a shortage of retail size gold bars. As Mr. Moiseev said, if the restriction is nevertheless introduced, it will be linked to the more or less common denomination, the weight of the ingot. At the same time, the Ministry of Finance understands that restrictions can harm legitimate businesses, so the department carefully studies them.
In November 2023, Mr. Moiseev at a plenary meeting of the State Duma reported, that the Federal Customs Service proposed to introduce a restriction on the export of gold by individuals. According to him, the measure is due to damage to the budget from illegal gold trafficking.
At the end of December, Rosfinmonitoring reported a sharp increase in the number of illegal or suspicious gold purchases in 2023. In the department offered oblige banks to additionally evaluate citizens’ transactions with precious metals.
Read more in the Kommersant article. “Get rich for travel”.
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