Putin signed a decree, Russia to restrict gold exports starting from May.

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Russian President Putin has signed an order to restrict gold exports. Starting from May 1, the export of gold bars exceeding 100 grams from Russia is prohibited. The decree contains some exceptions and does not apply to commercial banks.

Russian Deputy Prime Minister Alexander Novak announced this restriction as part of broader measures to combat the shadow economy and described it as a plan to "rectify" the economy. Russian Deputy Finance Minister Alexei Moiseev pointed out that gold is increasingly being used as a substitute for foreign currency in illegal transactions, fueling capital flight and money laundering activities.

The initial announcement was published on December 8, by which time relevant reports already existed. Interfax reported that Russia will restrict carrying gold bars out of the country starting in 2026.

According to Russia's new law effective May 1, individuals may not carry more than 100 grams of gold out of the country, valued at about $15,000.

In addition to restricting the export of rubles and gold, Russia’s policy package includes eight other measures targeting imports, retail without cash registers, self-employed persons, 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, not exceeding the equivalent of $100,000 starting April 1.

Analysts say the only noteworthy detail at present is that the policy will take effect on May 1, so there may be a wave of gold selling before then. Russia is a major global gold producer, ranking second.

On Wednesday, spot gold rose 0.07% to $4,504.84 per ounce. There was a significant and sustained rally in the Asia-Pacific early session, rising from the daily low of $4,456.17 to $4,602.34. COMEX gold futures rose 2.27% to $4,534.90 per ounce, also hitting a daily high of $4,634 and holding steady for most of the day.

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