Central Bank of Russia, Finance Ministry reach compromise on restricting exports of gold by individuals - Deputy Governor Guznov

YEKATERINBURG. Feb 19 (Interfax) - The Central Bank of Russia and the Finance Ministry have resolved their differences regarding the restriction on gold exports by individuals, which is part of the plan to clean up the economy.

"A certain compromise has been reached, and a specific regulatory decision on the matter is being prepared," Central Bank Deputy Governor Alexei Guznov told reporters on the sidelines of the Cybersecurity in Finance forum.

"I believe that we are obligated from this perspective to implement it together with the government given that the plan to clean up the economy has been agreed. I believe that a corresponding proposal will soon appear, so to speak, in the public domain," Guznov added.

As reported, restrictions on gold exports are planned to be introduced on September 1, and will apply to bars weighing 100 grams or above. The draft presidential decree includes several exceptions, namely that the ban will not apply to travelers departing from Moscow's Sheremetyevo, Domodedovo, and Vnukovo airports, as well as from Vladivostok's Knevichi Airport, provided these travelers have permission from the Assay Chamber.

During the initial discussion on the initiative, the Central Bank expressed concerns about the potential consequences. Guznov last September said that possible restrictions on gold exports could have an unpredictable effect, specifically as gold could be used as a tool for cross-border payments under the current conditions.