Britain, the United States, Japan and Canada will restrict the import of Russian gold as a sanction against Moscow over the war in Ukraine. The import ban is due to take effect soon and will apply to newly mined and refined gold.
According to British Prime Minister Boris Johnson, the sanction has direct consequences for Russian oligarchs and “Putin’s war machine”. Many oligarchs are turning assets into gold to deal with the effects of the severe international sanctions imposed on Moscow.
According to the British, the measure will effectively keep Russian gold from the world gold market, as London plays a central role in international gold trade and the three other major powers also block imports. Gold exports yielded the Russian economy about 14.6 billion euros last year.
The sanction will be officially presented at the G7 summit in Elmau, Germany. The major industrialized countries of the world will discuss the consequences of the war in Ukraine in the coming days.
UK, US, Japan and Canada impose import ban on Russian gold
Source link UK, US, Japan and Canada impose import ban on Russian gold