The Russian Federal Customs Service (FCS) reported a sharp rise in the volume of gold bullion exports for personal use by individuals during 2023, according to the ministry’s press service as cited by TASS.
The FCS emphasized that gold remains a strategically important commodity, prompting customs authorities to increase vigilance over its movement, including purchases and transfers by private citizens.
One of the most notable cases highlighted by the ministry’s press service involved a person who exported gold bullion weighing more than 200 kilograms. The individual could not verify the origin of the bullion, the currency used to acquire it, or the purpose behind its export. The ministry noted that such uncertainties cast serious doubt on the legitimacy of exporting this amount of gold by a private individual.
Earlier, Deputy Finance Minister Alexey Moiseev suggested in Russia that exports of gold by individuals could be banned. Speaking at a plenary session of the State Duma, he claimed that secrecy in smuggling routes results in the budget losing roughly 5–6 tons of precious metal annually due to unrecorded exports.
There was also mention that the government had previously imposed a seasonal ban on exporting waste and scrap containing precious metals from November 1 to April 30, 2024. The same publication notes that a similar prohibition was in effect from March 20 to September 20, 2023, reflecting efforts to curb illicit flows of refined metals and byproducts.
In another development, there were reports of increased Russian gold imports into the United Arab Emirates as Western restrictions impacted trade flows. These shifts illustrate how geopolitical and regulatory measures can redirect precious metal trade patterns, influencing both source countries and regional markets.