The VAT exemption for certain precious metal bank transactions will go into effect in January 2026.
Russia has introduced new VAT relief measures for banking operations involving precious metals following the publication of Federal Law No. 417-FZ on 17 November 2025.
The law adds two categories of transactions to the list of VAT-exempt activities. These include the payment of interest accrued on deposits in precious metals when the interest is paid by banks in the form of precious metal bullion under a bank account (deposit) agreement.
The exemption also applies to the placement of precious metals by banks that are not engaged in deposit-taking activities.
According to the government, the changes align the VAT treatment of precious metal deposits with the rules already applicable to currency deposits, which are not subject to VAT.
Federal Law No. 417-FZ will take effect on 1 January 2026.
