It is expected that the G7 group will impose a ban on gold imports from Russia in a bid to tighten sanctions on Moscow.
The United States said on Sunday (June 26, 2022) that a group of seven (G7) nations would ban Russian gold imports to stem Russia’s war on Ukraine.
The G7 leaders are expected to make a formal announcement at the summit on Tuesday.
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Posting on Twitter, US President Joe Biden said, “Gold exports to Russia are earning tens of thousands of dollars. The G7 will announce together that we will ban the import of gold from Russia.”
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.
— President Biden (@POTUS) June 26, 2022
British Prime Minister Boris Johnson has said the ban on Russian gold will “directly attack Russian oligarchy and strike at the heart of Putin’s war machine.”
Johnson said: “In this senseless and barbaric war Putin is wasting his declining resources. He is monetizing his ego at the expense of the Ukrainian and Russian people. We must starve its financing of the Putin regime.”
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The move was initially proposed by Britain as a joint venture with fellow G7 members Canada, Japan and the United States.
Earlier, sources close to Vladimir Putin had warned that London would be the first country to be bombed if World War III broke out.
In light of London’s key role in the international gold trade, Britain said the move would be “global” and would ban Russian goods in formal international markets.
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A senior U.S. official said other G7 countries would formally announce the ban. “The announcement will be made on Tuesday. This announcement will be the highlight of the G7 meeting,” said a US official, who did not want to be named.
“Gold is Russia’s second largest exporter after energy. Gold exports are a significant source of income for Putin and Russia,” he said.
Russia’s economy is already under heavy pressure from Western sanctions against banks, energy companies, airlines, high-tech and consumer goods.
Now, the ban on the gold market will have a significant impact on Russia’s economy. According to the White House, the G7 countries accounted for five percent of Russia’s total gold exports by 2020 and 90 percent of Russia’s output.
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