OREANDA-NEWS  The draft decree limiting the export of gold bullion from Russia by individuals to 100 grams has now been agreed with all interested departments and is in the government, Deputy Finance Minister Alexei Moiseev told reporters.

"Indeed, it is under development, now it is coordinated with all interested departments and is in the government. I expect that it will be reviewed by the government fairly quickly and sent for consideration to the presidential administration," he commented on the progress of the development of the relevant draft decree.

The Ministry of Finance proposed to limit the export of gold bullion from Russia by individuals to 100 grams, Moiseev said in September.

Rosfinmonitoring, the Ministry of Finance and the Central Bank have been working on regulating gold turnover for a long time. The Ministry of Finance, acting as the developer of the project, pointed out the existing disagreements among the departments.: Some opposed the restrictions, while others disagreed with the proposed threshold. Initially, it was a question of setting a monetary equivalent of 10 thousand dollars, which applies to the export of foreign currency and other monetary instruments from the Russian Federation. However, the developers suggested setting a threshold for the mass of physical gold.

The proposal to impose restrictions on the export of gold by individuals was made by the Federal Customs Service of Russia back in 2023. Rosfinmonitoring then recorded a significant increase in the number of illegal or suspicious transactions related to the acquisition of precious metals. In particular, according to the service, citizens purchased dozens of tons of gold in 2023, some of which was exported abroad.

In fact, the free export of precious metals from the Russian Federation has led to the fact that it is profitable to buy them for rubles and sell them for foreign currency abroad, said Yuri Chikhanchin, head of Rosfinmonitoring, in July last year.