Deputy Finance Minister of Russia Alexei Moiseyev said about the expected increase in demand for investment gold in Russia by the end of 2022 in 8-10 times, writes RBC.

“The growth is already now 5 times, and this figure is somewhat lagging, we expect growth by the end of the year somewhere in 8-10 times,” he said.

Moiseyev also emphasized that demand is “shifting toward hundred-gram ingots,” forcing factories to restructure production for smaller ingots to meet this demand.

According to Moiseyev, the initially high demand for kilogram bars was due to the adoption of the law on the abolition of value-added tax on the purchase of gold bars for individuals.

In March, Russian President Vladimir Putin signed a law that allows banks to sell precious metals in bullion bars to individuals with withdrawal from bank vaults without paying VAT. In July, the law exempting for 2022 and 2023 from personal income tax income from the sale of gold bullion bars.