The functions of the Assay Chamber of Russia include supervision over the production, storage, import and export of precious metals and precious gemstones.
The news agency cited a financial expert attributing the increase in the exports of gold from Russia in 2017 to the banks' decision in the previous year to hold off until the prices grow. In the middle of 2016 the prices reached 1,360 dollars for the ounce, but then plummeted to 1,200 dollars. With the sluggish price fluctuations, banks decided to sell off their reserves in 2017.
"The exports (of gold) in 2017 were not as high as they were in 2014 — 140 tons", the expert told RIA Novosti.
Petroleum oils, coal, petroleum gases, diamonds and metals (including precious) top the list of highest value Russian export products.