G7 Countries Plan on Banning Import of Gold from Russia
G7, the world’s seven richest nations – Canada, France, Germany, Italy, Japan, the US and the UK – are planning to impose sanctions on Russian gold, IDEX Online reports. The G7 leaders met at Schloss Elmau in Bavaria, Germany, at the end of June.
US President Joe Biden said: “The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine. Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia.” The ban, according to the report, will not affect gold previously exported from Russia.
Russia supplies around a tenth of the world’s gold.