Russian citizens will be exempt from personal income tax when selling gold in bullion, and experts predicted a slowdown in GDP growth by 1-1.5% per year due to sanctions – these and other important news for Friday morning, June 3, in our daily review.

The Russian government has approved the Finance Ministry’s proposal to exempt individuals from personal income tax when selling gold in bullion in 2022-2023, Kommersant reports. According to the Ministry of Finance, this measure will increase the attractiveness of investment in gold “as a tool to preserve the savings of citizens in the current conditions”.

Sanctions against Russia will slow down the country’s GDP growth by about 1-1.5% per year, RBC wrote, citing a consensus forecast prepared by the Higher School of Economics on the prospects for Russia’s economic development until 2030. The researchers interviewed 17 macroeconomists from public and private organizations.

According to S&P Global, in May the index of business activity in the services sector in Russia rose to 48.5% compared to April’s 44.5%. Despite the positive dynamics, according to S&P Global calculation technology, such an index value indicates a decline in business activity in this area. The index value of less than 50 points indicates a decrease in business activity in the country, while above 50 points – its growth.

Russia has limited exports of noble (inert) gases, such as neon, which serves as a key component of chip production, Reuters reports citing the Ministry of Industry and Trade. In March, Ukraine suspended production of inert gases at its plants in Mariupol and Odessa.

The Japanese parliament passed a bill that clarifies the legal status of stablecoins – digital coins linked to the exchange rate of various national currencies. As Bloomberg writes, the law essentially defines cryptocurrency as digital money. According to the law, stablecoins must be pegged to the yen or other legal tender and guarantee holders the right to redeem at face value.