On June 18, 2019 the Chairman of FBA EAC Coordinating Council, Executive Vice-President of RSPP Alexander Murychev held a meeting with the delegation of the World Gold Council (WGC) including CEO David Tait, Managing Director Natalie Dempster and Director Tatiana Fic. The meeting also included FBA EAC General Director Oleg Berezovoy and Director of the Center for bilateral cooperation and interaction with foreign business of RSPP Anna Solovyeva.

The parties discussed the development of investment gold, the draft law to abolish VAT on investment gold and the forthcoming PR campaign of WGC in Russia.

A. Murychev informed the representatives of WGC that financial authorities are still holding back the draft law to abolish VAT on investment gold in spite of the market’s interest, positive experts’ opinion and the Duma support. At the same time he mentioned that in its attempts to shift away from dollar today Russia buys ever more gold increasing its share in FX reserves of the country.

WGC CEO David Trait said that he had assumed this position recently but is quite an expert of the gold market and eager to share his experience for its development. He sees his tasks as to make the market more efficient and transparent, to create opportunities for investors and to ensure support of regulators. According to him Russia plays an important role. It’s a huge market and WGC with its experience is ready to assists in its development.

WGC representatives talked about the forthcoming marketing campaign which they believe could stir into action the adoption of the law to abolish VAT on investment gold. The campaign is aimed to promote the advantages of investing in gold. The target audience is retail and institutional investors. It will involve digital mass media, social networks, special website for investors as well as tradition mass media.

In his turn O.Berezovoy offered for the campaign to take advantage of the VI Moscow International Financial and Economic Forum: “EAEU and EU: search for new formats of cooperation” planned in November which implies a session on gold mining. O. Berezovoy invited WGC to make a presentation at the session and the counterparty expressed its interest in the Forum and in the Eurasian format in general.