Britain, the USA, Japan and Canada will ban new imports of Russian gold as a part of efforts to tighten the sanctions squeeze on Moscow for its invasion of Ukraine, the British authorities stated on Sunday.
The ban will come into drive shortly and apply to newly mined or refined gold, the federal government assertion stated forward of a gathering of Group of Seven leaders in Germany on Sunday.
The transfer is not going to have an effect on beforehand exported Russian-origin gold, it added.
Russian gold exports have been price 12.6 billion kilos ($15.45 billion) final yr and rich Russians have lately been shopping for bullion to scale back the monetary impression of Western sanctions, the federal government stated.
“The measures now we have introduced at this time will immediately hit Russian oligarchs and strike on the coronary heart of Putin’s conflict machine,” Prime Minister Boris Johnson stated within the assertion.
“We have to starve the Putin regime of its funding. The UK and our allies are doing simply that.”
The most recent initiative follows the London Bullion Market Affiliation’s (LBMA) March suspension of accreditation for six Russian valuable metals refiners.
Individually, a senior U.S. administration official stated, the Group of Seven wealthy democracies will announce a ban on imports of Russian gold on Tuesday, as a part of ongoing efforts to carry Russia accountable for its conflict in Ukraine and block makes an attempt to evade Western sanctions.