Russian draft law proposes state control over precious metals and stones sales abroad
The government has presented a bill to the State Duma that would authorize Gokhran, the federal state agency officially known as the State Institution for the Establishment of the State Fund for Precious Metals and Precious Stones of the Russian Federation, to sell the country’s precious metals and gemstones on foreign markets. The proposal was disclosed by the lower chamber of parliament.
The draft legislation aims to eliminate uncertainties surrounding how precious metals and gemstones are treated, including how such items are classified and categorized for legal and fiscal purposes. By clarifying these terms, the government seeks to create a transparent framework for state assets held in the form of precious metals and stones.
A new concept labeled as the waste of precious stones has been introduced to streamline operations, while preserving essential classification criteria. The bill also contemplates easing security requirements for the shipment of raw materials that contain only a small percentage of precious metals. In practice, this would relieve certain transport and protection obligations for low content materials, thereby improving efficiency in logistics and handling.
The approach includes reorganizing licensed activities into two distinct streams: one for acquiring precious metals from private individuals and another for purchasing jewelry. This division is intended to delineate consumer purchases from other procurement channels, ensuring orderly management of licensing requirements and compliance obligations.
In related developments, an executive order issued by former President Vladimir Putin directed the transfer of gifts fashioned from precious metals or gemstones that had been presented to officers but for which no reimbursement request had been filed. The order reflects ongoing efforts to formalize the ownership and accounting of state assets and to simplify administrative procedures surrounding such gifts. The move has implications for how state property is registered and valued within the broader framework of state asset management. Source: parliamentary briefing and executive orders summary.
Analysts note that the proposed law would align Russia’s handling of strategic assets with international practices, potentially altering export regimes and the manner in which government-held metals and stones enter global trade. Observers emphasize the importance of clear classifications and robust control mechanisms to prevent leakage or misallocation of state resources. The bill is poised to be debated in the State Duma with possible amendments aimed at clarifying definitions and tightening oversight, while preserving the objective of facilitating legitimate sales in international markets. Policy assessment and legislative tracking notes.