Putin signs decree restricting gold exports from Russia starting in May

# He Hao

Source: Wallstreetcn

Starting May 1, Russia will ban the export of gold bars weighing more than 100 grams. Russia’s Deputy Prime Minister stated this is part of a broader crackdown on the shadow economy. Russia’s Deputy Finance Minister pointed out that gold is increasingly being used as an alternative to foreign currency in illegal transactions, fueling capital flight and money laundering. Analysts say the policy will take effect on May 1, which may trigger a wave of gold selling before then. Russia is one of the world’s top gold producers, ranking second globally.

Russian President Vladimir Putin has signed a decree restricting gold exports. Starting May 1, the export of gold bars exceeding 100 grams from Russia will be prohibited. The decree includes certain exceptions and does not apply to commercial banks.

Russian Deputy Prime Minister Alexander Novak announced the restrictions, describing them as part of a wider campaign against the shadow economy and a plan to “clean up” the economy. Russian Deputy Finance Minister Alexei Moiseev noted that gold is increasingly serving as a substitute for foreign exchange in illicit transactions, contributing to capital flight and money laundering.

The initial announcement was made on December 8, with related reports already circulating at that time. Interfax reported that Russia would restrict the outbound carriage of gold bars starting in 2026.

Under the new Russian law effective May 1, individuals may not carry more than 100 grams of gold abroad, worth approximately $15,000.

In addition to restrictions on ruble and gold exports, Russia’s policy package includes eight other measures targeting imports, retail sales without cash registers, self-employed individuals, cryptocurrency transactions, illegal lending, and the alcohol and tobacco markets. The decree limits the amount of cash rubles that can be carried from Russia to the Eurasian Economic Union starting April 1, with a cap equivalent to no more than $100,000.

Analysts note the only notable detail is that the policy will take effect on May 1, potentially triggering a sell-off in gold before that date. Russia is the world’s second-largest gold producer.

On Wednesday, spot gold rose 0.07% to $4,504.84 per ounce, with a pronounced and sustained rally during the Asian morning session, climbing from an intraday low of $4,456.17 to $4,602.34. COMEX gold futures gained 2.27% to $4,534.90 per ounce, also hitting an intraday high of $4,634 and holding steady at elevated levels for most of the session.

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