G7 countries will impose a ban on the import of Russian gold

The EXPORT of gold brings RUSSIA "billions of dollars", the supply of this metal will be banned by the G7 countries, Biden announced. Johnson considered,

The G7 countries - the United States , Great Britain, CANADA, France, Germany, Italy, Japan - will announce a ban on the import of Russian gold, US President Joe Biden tweeted .

“[Gold exports are] a large share of exports, giving Russia tens of billions of dollars,” the American president wrote.

This was confirmed by the British government , the ban will apply to new gold mining, but will not affect gold of Russian origin, which was previously exported from Russia. The report said that London has no plans to expand restrictions on Russian gold acquired legally before the import ban.

“We need to deprive the Putin regime of funding. The UK and our allies are doing just that,” said British Prime Minister Boris Johnson.

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.

The Ministry of Finance ruled out the export of Russian gold to the UK Economics

The UK government has indicated that gold is one of Russia's main export commodities, having generated £12.6bn (about $15.45bn) for the country's federal budget last year alone . The British authorities believe that the value of gold for the Russian elite has grown in recent months due to demand from the "oligarchs" trying to avoid the financial consequences of international sanctions.

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“With this ban on the import of new gold of Russian origin, more than £13.5bn ($16.56bn) of our imports from Russia will be subject to restrictions,” Chancellor of the Exchequer Rishi Sunak said.

The Ministry of Finance proposed to determine the reserves of gold and platinum for the needs of mobilization Economics

On the eve of the agreement by the G7 countries of sanctions against Russian gold, sources told REUTERS, the agency's interlocutors also spoke about the possible inclusion of measures against gold of Russian origin in the next package of the European Union. According to one of the Reuters sources, it is not known whether the European Commission intends to restrict exports to Russia or imports of gold from the country.

BLOOMBERG pointed out at the end of June that the majority of refineries (engaged in deep cleaning) refused to accept Russian metals, after the London Bullion Market Association in early March stripped six Russian refineries of the status of suppliers of gold and silver.

Russian banks reduced gold reserves by 20% in two months Finance
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