“Stop cash supply”: G7 countries ban gold imports from Russia

“Stop cash flow”
The G7 countries have banned the import of gold from Russia

06/26/2022, 09:01 am

Due to the war in Ukraine, the G7 countries are taking the next step to further isolate Russia from the International Monetary Fund. In the future, gold trade between the industrial powers and Russia is to be banned – a billion-dollar cut for the Kremlin.

According to US President Joe Biden, the G7 countries want to announce a ban on Russian gold imports at a summit in Bavaria. Biden said on Twitter that Russia would lose billions of dollars in revenue from this important export. U.S. government sources say the import ban will be lifted on Tuesday. Due to the Russian war of aggression against Ukraine, the G7 countries have already imposed tough sanctions on Moscow.

British Prime Minister Boris Johnson called the move “a direct attack on Russian oligarchy” and “the heart of President Vladimir Putin’s war machine.” “We need to stop the money supply to the Putin regime.”

The EU is also in talks to impose sanctions on Russia over the gold trade. However, no decision has been taken so far. EU countries in the G7 are Germany, France and Italy.

The UK government has said Russia’s most important non-energy export gold. Last year the Russian economy exported 12. 12.6 billion (EUR 14.6 billion). “The value of the Russian elite has increased in recent months as oligarchy buys gold to avert a financial collapse of Western sanctions.”

In view of London’s key role in the international gold trade and the concerted efforts of the United States, Japan and Canada, the British government stated that the import ban would “have global repercussions and exclude goods from official international markets.” The goal of the gold embargo is to “further isolate Russia from the International Monetary Fund.”