The Golden Boomerang: Freedom of Gold Export or Hidden Threat?

The Central Bank of Russia has no plans to introduce restrictions on gold export abroad by individuals. The regulator fears that such measures could negatively impact international payments. However, experts differ in their opinions on the appropriateness of this approach.

Arguments "for" restrictions

Alexey Zubets, Director of the Center for Research and Social Economy, believes that uncontrolled gold export is an "absolute evil" that must be combated. He draws a parallel with currency export restrictions, emphasizing that gold, like currency, is a freely convertible commodity. In his opinion, free gold export can lead to unpredictable consequences.

"I don't really understand why there should be free export of gold abroad. For example, we have currency export restrictions. You can't take kilograms of these very dollars or a suitcase and pass through the border freely — it's impossible. Gold is the same as currency, a freely convertible commodity. Uncontrolled gold export is an absolute evil. And something needs to be done about it and fought," the expert expressed his opinion in an interview with Tsargrad.

Arguments "against" restrictions

Nikolai Kulbaka, a candidate of economic sciences, on the contrary, warns against introducing restrictions. He believes that such measures could lead to business criminalization, transferring it to the "shadow" sphere, but without reducing the volumes of export. Kulbaka notes that in the modern world, gold is not as rare and valuable an asset as in the 16th-17th centuries, when such bans were justified. He считает that introducing restrictions in our days would be a step backward.

"If you start introducing such restrictions, you will actually criminalize this business. Because it's not that it will decrease much, but it will go into the 'black' side," the expert concluded.