(MENAFN) The Moscow Mint, operated by Goznak Joint Stock Company, has announced the availability of gold ingots weighing up to 20 grams for purchase on its website. This initiative is part of a broader agenda aimed at encouraging Russians to shift away from US dollar savings. According to the company's statement, individuals in Russia now have the opportunity to buy, sell, and store their purchased gold bars and coins.
Goznak further revealed its plans to introduce gold ingots weighing 50 grams for purchase on its website. The services will be accessible not only through the trading salon of the Moscow Mint but also via the Goznak.Investments app.
One of the key advantages offered by the Moscow Mint is the unlimited storage period for ingots. Additionally, Goznak guarantees the buyback of all bullion stored in the mint's vaults. The company has also stated that it will accept ingots that have been in circulation, as long as there is no visible damage on the ingots or their packaging.
As of April 1, Russian precious metals refineries, including Goznak, and the country's banks have been authorized to sell gold bars to individuals without applying value-added tax (VAT). In a similar vein, last March, Moscow eliminated the 20% VAT previously imposed on physical gold trades by individuals. This move was aimed at diversifying individuals' savings away from the US dollar, which had traditionally been a common choice for Russians to protect their wealth.
By offering accessible and tax-efficient opportunities to purchase gold, the Moscow Mint and Goznak seek to encourage Russians to explore alternative avenues for safeguarding their savings. This strategic shift aligns with Russia's broader objective of reducing reliance on the US dollar and promoting the use of precious metals as a means of preserving wealth.
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