The Government Commission on Legislative Activities, led by Deputy Prime Minister Dmitry Grigorenko, has approved a bill that would require banks to transmit Rosfin information about transactions involving precious metals and stones. This plan reflects a tightening of financial oversight and signals a broader intent to monitor flows of value tied to high value commodities. The approval marks a significant step in aligning enforcement mechanisms with international standards for tracing financial activity and combating illicit finance, while still considering the practical implications for banks and the customers who engage in legitimate trade of precious metals and gemstones. The measure is designed to enhance transparency by providing the financial intelligence unit with timely access to transaction data that could indicate criminal activity or the financing of terrorism.
According to a source, the Government’s Legislative Activities Committee gave its backing to the proposed changes, indicating a strong administrative will to advance the bill through the legislative process. The forthcoming amendments are expected to modify the Law on Legalization (Laundering) of Crime Proceeds and the Financing of Terrorism, in order to strengthen the legal framework for tracking, reporting, and analyzing funds connected to precious metals and stones. The changes would broaden the scope of information that banks must share with Rosfin, ensuring that suspicious patterns can be detected earlier and more efficiently, while maintaining due process and privacy protections for ordinary financial activities.
The topic of using precious metals as a settlement instrument in international trade has been raised by observers who follow energy and commodity markets closely. A Turkish economic commentator and editor in chief of the economic news site tclira.com highlighted the possibility that gold could serve as an alternative to the dollar in Turkish-Russian trade if the economic authorities in both countries agree on a mechanism and fix exchange rate values for ruble and lira. The commentator noted that a credible, stabilized value for the two currencies, coupled with gold as a countervalue, could facilitate payments across borders and reduce dependence on conventional fiat settlements during periods of currency volatility. This perspective underscores how metal-backed arrangements might influence bilateral trade, especially when macroeconomic conditions create friction in traditional currency channels and when central banks coordinate policy to support cross-border transactions.
Economists have suggested that closer cooperation between Moscow and Ankara could yield practical improvements in payment settlements and trade finance. The argument rests on the premise that a reliable valuation framework for the ruble and the lira, together with a robust real asset such as gold, would create predictable settlement terms. In this view, further dialogue between the two central banks and related financial authorities could lead to concrete steps, practical instruments, and standardized procedures that make cross-border payments smoother, faster, and less exposed to exchange rate shocks. The broader implication is that metal-backed settlement mechanisms might gain traction as a complement to existing currency and digital payment channels, particularly in the context of evolving geopolitical alignments and regional financial integration.
Earlier discussions in Turkey have also touched on the potential geopolitical consequences of deeper economic integration with BRICS. The question about Turkey’s future role within the alliance has been a point of debate among analysts who monitor the strategic shifts in regional power dynamics. In this environment, the possibility of alternative payment structures, including those involving precious metals, feeds into broader considerations about how countries diversify their international financial relationships and manage exposure to currency fluctuations. The exchange of ideas about monetary instruments and cross-border trade continues to shape policy discussions, as governments seek to balance national economic interests with strategic partnerships and global economic trends.