Russia Provides VAT Exemption on Transactions Involving Precious Metal Deposits

Russia has published Federal Law No. 417-FZ of 17 November 2025, which expands the scope of VAT exemptions. In particular, it is added that the following are exempt from VAT:

• Transactions involving the payment of interest accrued on deposits in precious metals paid by banks in the form of precious metal bullion under a bank account (deposit) agreement; and
• Transactions involving the placement of precious metals by banks not involved in deposits.

The change brings the treatment of preciou…