G-7 countries announce import ban on Russian gold

Russia’s President Vladimir Putin arrives for a joint news conference with Turkmenistan’s President Serdar Berdymukhamedov June 10, 2022 in Moscow, Russia.

Maxim Shemetov | Reuters

Leaders of the G-7 will announce a ban on Russian gold imports for Moscow’s unprovoked invasion of Ukraine, US President Joe Biden confirmed Sunday morning.

As leaders met for the recent G-7 summit in Munich, Biden took to Twitter to confirm earlier reports of an impending ban.

“The United States has imposed unprecedented costs on Putin for denying him the revenue he needs to fund his war against Ukraine,” he said early Sunday.

“Together, the G7 will announce that we will ban imports of Russian gold, a key export that brings tens of billions of dollars to Russia.”

The move would come on top of a series of penalties the West has imposed on Russia since it began its attack on Ukraine on February 24. The sanctions were aimed at crushing Russia’s economy and included bans or restrictions on oil and gas imports and trade with Russian banks and individuals. Indeed, the US, Canada and their European allies agreed in February to remove key Russian banks from the SWIFT interbank messaging system, effectively cutting the country off from much of the global financial system.

The UK government also on Sunday confirmed the move to ban Russian gold imports, saying it would apply to newly mined gold and refined gold – excluding gold that may have originated in Russia but has already been exported.

This is breaking news, please check back later for more information.

https://www.cnbc.com/2022/06/26/g-7-nations-to-announce-import-ban-on-russian-gold.html G-7 countries announce import ban on Russian gold

Joshua Buckhalter

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