Russia may abolish gold export duty from June 1

The export duty on gold may be canceled from June 1 of this year concurrently with the law becoming effective that introduces an extra coefficient to the mineral extraction tax for gold totaling 78,000 rubles ($848.8) per kilogram, Deputy Finance Minister of Russia Alexey Moiseev told reporters, Azernews reports, citing TASS.

"The plan is, firstly, from the standpoint of a ‘mini maneuver,’ to implement all that since June 1," the official said.

The ministry arrived at a conclusion that in order to force unfair exporters to pay the duty, there must be taken "draconian measures that would affect the sector at large," Moiseev noted.

Russian President Vladimir Putin signed earlier the law to increase the mineral extraction tax for gold by 78,000 rubles per kilogram from June 1 to December 31, 2024.