Banks selling diamonds to individuals are also exempt from VAT.

The law should come into force from the day of its official publication, and these changes will apply to legal relations that arose from January 1, 2022, that is, they will have retroactive effect.

Earlier, the Russian government approved amendments to the Tax Code to introduce a zero VAT rate on the purchase of polished and rough diamonds by citizens.

In early June, the Russian government approved a bill that would exempt citizens from paying personal income tax for selling gold bars in 2022 and 2023.

This measure is aimed at attracting Russians to invest in gold.