Seven of the richest democratic nations in the world called G7 will officially announce that there will be a ban on importing gold from Russia. A senior U.S. administration official said that move will be announced by both the U.S. and the U.K., on Sunday. The official announcement will be made, on Tuesday.
The U.S. official said that President Biden and other leaders of G7 are continuing to work together to hold President Vladimir Putin of Russian accountable and that both the U.S. and the U.K. would announce today (Sunday) that the G7 leaders would ban Russian gold imports and “The official announcement will come on Tuesday,” according to a report in Reuters.
The leaders of the G7 nations met in Munich and discussed this newest sanction. The ban would be enforced on newly mined gold as well as refined gold. It will exclude gold that might have come from Russia but had been exported before.
According to data, China is the largest producer of gold in the world, followed by the Russian Federation. Reuters reported that gold is an important commodity for Russia’s central bank. It is operating under adverse conditions. The G7 leaders hope that these latest sanctions will affect the Russian economy as it continues to wage war over Ukraine.
Data shows that 90 percent of Russian gold was exported to the G7 nations. A major part of these exports, which was approximately $17 billion, was exported to the U.K. However, the exports to the U.S. were under $1 million both in 2020 as well as in 2021.
The leaders of the G7 nations are meeting on Sunday, June 26 at Schloss Elmau, an ancient retreat nested in a nature reserve in the picturesque Bavarian Alps in Germany They represent France, Germany, Italy, the U.K., Japan, the U.S. and Canada. The leaders at the summit will present a united front to support Ukraine, as the war enters its fourth month.