Ban on Russian gold imports expected to be announced by G-7 leaders

Image from the G-7 summit. Credit: [email protected]

The G-7 leaders are expected to announce further sanctions on Moscow, including a ban on Russian gold imports.

 

Today, Sunday, June 26, is the first day of the G-7 summit in the Bavarian alps. The leaders of these countries are expected to announce the latest in a series of sanctions against Russia. A ban on Russian gold imports is thought to be among the discussions taking place in Schloss Elmau.

The heads of the European Union, Germany, the United States, Germany, the United States, Canada, Italy, and Japan, have a range of topics on the table, including how to combat rising inflation, not only in Europe, but globally. They will also hope to find a solution to the energy crisis that has come about due to the Ukrainian conflict.

A ban on Russian gold imports “will directly hit Russian oligarchs and strike at the heart of Putin’s war machine”, tweeted British Prime Minister Boris Johnson.

“Putin is squandering his dwindling resources on this pointless and barbaric war. He is bankrolling his ego at the expense of both the Ukrainian and Russian people. We need to starve the Putin regime of its funding”, he added @BorisJohnson.

Since the start of the invasion, due to wealthy Russians trying to find a way around the sanctions imposed, the value of gold has increased. In recent years, after energy, gold has been Russia’s top export. According to White House sources, around five per cent of global gold exports in 2020 were made by Russia. They estimate the value to be almost $19 billion (€18bn).

In 2020 and 2021, the US imported less than $1 million worth of gold from Russia, while G-7 countries made up 90 per cent of the total exports. Britain reportedly imported around $17bn worth of gold, 90 per cent of the total consigned to G-7 countries.

Speaking on condition of anonymity, US President Joe Biden’s administration officials had revealed that the ban on gold was expected to be announced this Tuesday, June 28, as reported by euronews.com.

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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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