Putin signed the order to halt gold exports.
Deputy Prime Minister Alexander Novak announced the restrictions as part of a broader push to clamp down on the shadow economy, framing them as a plan to “clean up” the economy. Deputy Finance Minister Alexei Moiseev noted that gold has increasingly become a substitute for foreign currency in illicit transactions, facilitating capital flight and money laundering.
The initial announcements came on December 8 and were reported at he time
On the new law, which will take effect on May 1, individuals would be allowed to take no more than 100 grams of gold out of the country, which is worth about $15,000.
In addition to limits on exporting rubles and gold, the package includes eight other measures targeting imports, cash-register-free retail, self-employed workers, cryptocurrency transactions, illegal lending, and the alcohol and tobacco markets.
The only real notable detail here is that it will take effect on May 1 so there could be some rush to sell gold before then. In domestic terms, Russia is a huge gold producer and is #2 in the world. It’s not clear if this degree will apply to miners but I suspect not.
Gold is up $79 to $4552 today as it tries to stabilize after a brutal selloff from $5000 last week.
This article was written by Adam Button at investinglive.com.
