Russia to limit gold bullion exports to 100 grams to reduce capital outflow

Russia plans to limit the export of gold bullion by individuals to 100 grams. Deputy Finance Minister Alexei Moiseev told reporters during the Moscow Financial Forum, Interfax reports.

Previously, it was assumed that the limit would be set by value – the equivalent of $10,000, as is done with cash foreign currency. However, now Mr. Moiseev said that it will be set by weight.

"No, there will be grams. It will be 100 grams."the Deputy Minister of Finance of the Russian Federation emphasized.

The restriction will apply only to gold bullion. Other rules will apply to jewelry.

The draft decree is in the final stages of approval and is expected to be submitted to the government within a few weeks. The restriction is expected to be implemented this year.

Moiseev explained the need for the restriction by saying that gold was being used to transport money that had previously been handled in cash foreign currency, in particular in illegal money laundering and smuggling schemes.

In addition, he said, controlling gold exports will help reduce capital outflows under sanctions pressure.

• On July 3, it became known that in Russia nationalize one of the largest gold mining companies billionaire Strukov.