Russia is considering a potential ban on gold exports by individuals, a development reported by Interfax based on remarks from Deputy Finance Minister Alexei Moiseev. The discussion centers on preventing the leakage of precious metal wealth from the domestic economy and protecting the state budget from losses attributed to illicit trade.
During a plenary session of the State Duma, Moiseev outlined that covert smuggling activities are costing the budget roughly 5 to 6 tons of gold annually. This shortfall, he explained, arises when refined precious metal escapes official channels and is diverted abroad under the guise of other categories. In response, several steps are being explored, with a focus on closing loopholes and tightening controls.
The Deputy Minister indicated that a draft bill is currently under consideration and is expected to gain support. A key element of the proposed policy is the restriction of exports involving scrap and waste that contain precious metals. He noted that the common practice of exporting gold concentrate as scrap or waste often masks the true value of the material and facilitates leakage from the formal economy.
Russia has previously implemented temporary prohibitions on exporting waste and scrap containing precious metals. From November 1 to April 30, 2024, a ban was in force, and similar restrictions have been applied in prior years within defined windows such as March 20 to September 20, 2023. The government argues that these measures are meant to raise the cost of illicit exports and, in turn, bolster state revenues.
Officials argue that the proposed changes would increase the compliance burden on industrial enterprises and raise government revenues by tightening control over the movement of gold and associated materials. The aim is to ensure that domestically produced precious metals remain within the regulated sector and contribute to legitimate economic activity rather than leaking through informal channels.
Observers have noted Russia’s position in the global gold and silver markets, recognizing its role as a significant producer and exporter. The impact of any export restrictions on private actors would reverberate through the supply chain, potentially affecting refineries, assayers, and downstream users who rely on a steady, lawful flow of metal and scrap materials. The discussion also touches on the administrative and logistical challenges that would accompany stricter rules, including verification procedures and the treatment of secondary material such as refined scrap and concentrates.
Meanwhile, the international landscape continues to adapt to sanctions and trading restrictions that influence gold flows. Reports indicate shifts in import patterns, with some regions observing changes in demand and sourcing. In particular, recent developments in the United Arab Emirates have seen fluctuations in the import of Russian gold as buyers navigate global restrictions and risk assessments. Market participants watch closely how regulatory changes at home could alter foreign trade dynamics and influence prices, inventories, and financing arrangements for refiners and financiers alike.
Ultimately, the government views tighter export controls as a lever to strengthen fiscal stability and support domestic industrial activity. By reducing unreported shipments and closing gaps that enable misclassification, authorities aim to ensure that the country collects due revenue from its natural resources while maintaining a transparent and orderly precious metals market. The outcome of the legislative process will reveal the balance between regulatory oversight and the operational flexibility that businesses need to operate efficiently in a highly regulated international commodity market.
In summary, Russia’s ongoing policy discussion reflects a broader trend toward stricter oversight of strategic resources. The goal remains clear: curb illicit export flows, protect budgetary interests, and align domestic practices with international standards on transparency and responsible trade, all while considering the practical implications for industry players and foreign partners.