The head of the Amur region announced the need for state support for gold miners

The state should apply new measures of state support for gold miners against the background of sanctions, in particular, sales of gold by the Central Bank should be simplified, said the Governor of the Amur Region Vasily Orlov on the sidelines of the Eastern Economic Forum (WEF), transmits RBC.

“I believe that additional support measures from the federal budget should be applied, in particular, simplification of gold sales, it is necessary to remove the commission of the Central Bank, which has now been introduced for commercial banks,” he said.

Large enterprises will survive the current crisis, but “there are questions” about small ones, the governor added. Proposals on this issue are now being considered by the government commission, Orlov added.

The Central Bank suspended the purchase of gold in the domestic market from April 1, 2020 amid volatility in financial markets due to the COVID-19 pandemic. After an almost two-year break, purchases were resumed from February 28, 2022. The purchase price of gold was determined daily based on the morning price of the London Bullion Market Association. In March, the Central Bank declaredthat will buy gold from credit institutions at a fixed cost of 5,000 rubles. per gram, but already in early April switched to a negotiated price, wrote then Interfax.

In March, Russian President Vladimir Putin signed a law that abolishes value added tax (VAT) on the purchase by individuals of precious metals in bullion with the withdrawal from bank vaults.

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