The Russian Federal Customs Service (FCS) recorded a large increase in the volume of exports of gold bullion for personal use by individuals in 2023. The press service of the ministry reported this. TASS.
The Federal Customs Service noted that gold is a strategically important commodity, so customs authorities are paying more attention to monitoring the movement of gold, including by individuals.
The most remarkable situation, as stated in the press service of the Ministry, is the detection of a person exporting bullion with a total weight of more than 200 kg. The Federal Customs Service noted that the citizen who exported the gold could not confirm the origin of the bullion, the currency with which he purchased it and the purpose of its export. The ministry stated that such facts raise doubts about the individual’s purpose in exporting gold.
Before this, Deputy Minister of Finance Alexey Moiseev said in Russia: may ban Export of gold by individuals. At the plenary session of the State Duma, he said that due to secret smuggling, the budget receives 5-6 tons less precious metal annually.
Previously, the Russian government had imposed a ban on the export of waste and scrap from precious metals from November 1 to April 30, 2024. The ban also applies to waste containing precious metals. The publication states that a similar ban is in effect from March 20 to September 20, 2023.
Previously in UAE augmented Gold imports from Russia after Western restrictions.