G7 announced its intention to reduce Russia's income from the sale of gold

The G7 will continue to look for new ways "to isolate RUSSIA from world markets," the group said.Also, the G7 will explore options for providing assistance to Ukraine using frozen Russian assets.

The G7 will cut Russia off from participation in world markets, limit its income, including from gold, the leaders of the participating countries say in a joint statement.

“We will continue to explore new ways to isolate Russia from participation in world markets and to curb evasion [from sanctions]. We are determined to cut Russia's income, including from gold. We will also continue to combat evasion [of sanctions] and activities to replenish them, ”the document says.

G7 leaders will also explore options for providing Ukraine with humanitarian aid and reconstruction support, including through the use of frozen Russian assets.

In addition, the G7 intends to continue imposing "targeted sanctions" against Russia. “We will agree on and expand targeted sanctions to further restrict Russia’s access to key industries, services and technologies produced by our economies, in particular those that support Russia’s arms industrial [production] base and technology sector,” the statement said.

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The European Council allowed a ban on gold imports from Russia following the G7 Politics

Russia  is one of the largest exporters of gold. According to the Ministry of Finance, in 2021, Russian gold mining companies produced 346.4 tons of gold. Approximately 87% of this volume, or 302.2 tons, was exported, which brought in $17.4 billion, according to FCS statistics.

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The day before, on June 26, US President Joe Biden announced that the G7 (which unites the UK, Germany, Italy, CANADA, the United States, France and Japan) would ban the import of Russian gold. The sanctions will apply to new mining of the precious metal, but will not affect gold of Russian origin, which was previously exported from Russia. Following the G7, the European Union will also consider the possibility of imposing a ban on the import of Russian gold.

The Kremlin, speaking about the threat of blocking gold imports from Russia, noted that "the market for precious metals is quite large, voluminous and very diverse," RIA Novosti reports. And, as with other goods, if “one market loses its attractiveness” due to illegal decisions, there is a “reorientation to where these goods are more in demand and where there are more comfortable and more legitimate economic regimes,” said Presidential Press Secretary Dmitry Peskov. .

See also Main statements of the Foreign Ministers of the G7 countries 01:54