The government had previously scrapped a tax on bullion purchases

Gold ingots of up to 20 grams may now be purchased on the Moscow Mint website, the Goznak Joint Stock Company, which operates the mint, announced on Wednesday. The move is part of a broader agenda to encourage Russians to shift away from US dollar savings.

According to the company's statement, Russians are now able to buy, sell or store their purchased gold bars and coins.

Goznak is planning to make gold ingots weighing 50 grams available for purchase on its website, the company said, adding that the services will be accessible both in the trading salon of the Moscow Mint and through the Goznak.Investments app.

The storage period of ingots at the Moscow Mint is unlimited, while Goznak guarantees the buyback of all bullion in the mint's vaults. It will also accept ingots that have been in circulation if there is no visible damage on them or on the packaging.