MOSCOW, Feb 3 (Reuters) – Russians purchased an all-time report variety of gold bars in 2022, finance ministry information confirmed on Friday, as tax cuts on valuable metals inspired folks to top off on bullion as a protected asset.

Moscow scrapped its 20% VAT on bodily gold trades for people final March in a bid to attract folks away from utilizing the U.S. greenback as a protected haven.

It additionally exempted folks from paying earnings tax on income gained from promoting gold bars, additional boosting demand for the metallic.

Based on the info, Russians purchased over 50 tonnes of gold bars in 2022, ten occasions greater than the 12 months earlier than. Essentially the most wanted have been 1 kilogram bars which accounted for about 60% of these offered.

The figures usually are not but remaining and solely cowl the interval ending November 2022, the finance ministry informed Reuters.

State-controlled VTB Financial institution (VTBR.MM) stated it offered 33.8 tonnes of gold bars to clients in 2022, with shoppers holding 50 billion roubles ($711 million) price of the metallic.

“Gold was an excellent protecting monetary resolution final 12 months,” stated Yevgeny Beresnev from VTB’s funding merchandise division.

“Clients shifted funds into this instrument with a purpose to diversify their belongings and make a revenue when long-term planning.”

($1 = 70.30 roubles)

Reporting by Darya Korsunskaya and Elena Fabrichnaya; Writing by Caleb Davis; Modifying by Christina Fincher

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