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The vice-chairman of the State Duma’s Committee on Science Mikhail Degtyarev has prepared amendments to the law “On Precious Metals and Gem Stones”. In case the amendments are seconded, the exports of gold (gold bullions and ore) will be completely banned already from the first of January next year.
The ban will apply not only to the citizens of Russia, but also to non-residents. The author explains this proposal by the fact that the states, in which there are substantial gold reserves, will be closer to stability in the period of crises.
Degtyarev emphasizes that the global financial system will not live long, and only those countries that possess gold will save their economies.
The proposed bill introduces the ban on the purchase and export of gold by non-citizens of Russia. Moreover, goldminers and other owners of Russian gold are given the right to sell it in the domestic market to the State Fund of precious metals at market value.
Those who offend against this legal norm will be subjected to criminal and administrative responsibility. As it is stated in Explanatory notes, for non-residents, the ban doesn’t apply to the purchase and export of jewellery.
The largest gold reserves are in the United States. On January 1, these reserves were estimated at more than 8 thousand tons; Germany takes the second place (3.4 thousand tons); China is the fifth – more than 1 thousand tons. At present, Russia takes only the 7th place. Its gold reserves are only 957 tons.
The deputy believes that due to the proposed ban on the export of gold, in 2-3 years, Russia will be able to enter the top three.