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Gold exports were worth £12.6bn ($15.4bn) to Russia in 2021, and the UK says their importance has increased since the invasion
- The ban comes as the G7 group of the world’s richest nations meet in Germany
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EKO HOT BLOG reports that the UK, US, Canada and Japan will ban imports of Russian gold in an effort to hit Moscow’s ability to fund the war in Ukraine.
The UK said the measure would “strike at the heart of Putin’s war machine”.
Gold exports were worth £12.6bn ($15.4bn) to Russia in 2021, and the UK says their importance has increased since the invasion as oligarchs rush to buy bullion to avoid sanctions.
It comes as the G7 group of the world’s richest nations meet in Germany.
US President Biden suggested the other G7 nations – Germany, France and Italy – would also join the ban.
“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,” he said in a tweet.
UK Prime Minister Boris Johnson added: “We need to starve the Putin regime of its funding. The UK and our allies are doing just that.”
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With London a major global trading hub for gold, the UK government said the move would have a huge impact on President Putin’s ability to raise funds.
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