Reuters learned about the agreement by the G7 countries to ban gold imports from Russia

The leaders of the G7 countries (Great Britain, Germany, Italy, Canada, France, Japan and the United States ) have agreed to a ban on the import of new gold from Russia, Reuters reports citing sources.

According to the agency, on June 28, the US Treasury Department will issue a ruling to ban the import of new gold into the United States. Similar statements should be made by the finance ministries of other G7 countries, the agency writes.

On June 21, Reuters, citing sources, reported that the European Union may include restrictions on gold in the seventh package of anti-Russian sanctions. One of the interlocutors told the agency that the European Commission is working on the inclusion of gold in a possible new package of sanctions, but it is not known whether the measure will involve a ban on the export of gold to Russia or its import from the country.

A spokesman for the Danish ambassador to the EU told the news agency that at a private meeting of ambassadors last week, the Danish diplomat suggested that gold be included in the new sanctions package along with other sectors.

Russia is one of the world's largest gold exporters. 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.

On February 28, the Bank of Russia resumed buying gold on the domestic precious metals market after the EU and the US blocked its assets. The regulator has not purchased this metal since March 2020. In mid-March 2022, the Central Bank suspended purchases due to increased demand for gold bullion among the population, but at the end of the month resumed them again at a fixed price.