On Wednesday, the Goznak Joint Stock Company announced that its Moscow Mint website would allow Russian citizens to purchase gold ingots of up to 20 grams in weight. The offering is part of a broader program in the country to encourage Russian citizens to shift their holdings out of US dollars.

The company noted in its statement, Russian citizens will be able to purchase, sell, or store gold bars and coins with the company.

Soon, Goznak will even make the purchase of ingots weighing 50 grams an option on its website, according to the company, which added that the services will be available in both the trading salon of the Moscow Mint, as well as through the Goznak.Investments app.

The Moscow Mint offers an unlimited storage period for ingots, and guarantees the buyback of any bullion in the vaults of the mint. The company will also accept any ingots which have been in circulation if they have no visible damage on them or their packaging.

As of April 1st, Goznak, the nation’s banks, and Russian precious metal refineries have all been allowed to sell gold bars to individuals without applying any value added tax (VAT).

In an effort to encourage people to reduce their holdings of US dollars, last March Moscow did away with its 20% VAT on physical gold trades by individuals, which had been a common way Russian citizens had used to protect their savings.

Prior to that, Russians had been forced to pay a 20% VAT on any purchases or trades for gold. If an individual sought to sell their gold back to a bank, the tax was not returned to the citizen.

Russians have purchased over 50 tons of gold bars as of November of 2022, which is ten times more than the previous recorded period. The most popular purchases were 1 kilogram bars, which made up roughly 60% of the total bars bought by citizens.