Countries that make up the G7 will stop importing Russian gold as a sanction against Russia’s invasion of Ukraine. US President Joe Biden made the announcement to several news agencies on Sunday morning. According to a statement from the British government at least the United Kingdom, the United States, Canada and Japan are introducing the sanction.
Many details have not yet been revealed, but it is clear that no more refined and newly mined gold from Russia can enter the countries. It has not been announced when the import stop will come into effect.
British Prime Minister Boris Johnson believes the sanctions will mainly affect Russian oil quarries. In order to circumvent the measures already in place against Russia, they would try to convert capital into gold. By now also banning Russian gold from the market, the G7 is dealing another blow to Russian President Vladimir Putin, according to Johnson.
The G7 is made up of seven prosperous and leading industrial countries such as Canada, Germany, France, Italy, Japan, the United Kingdom and the United States. Representatives gathered in Germany this weekend. Representatives of the European Union were also present, in the person of Charles Michel (President of the European Council) and Ursula von der Leyen (President of the European Commission).
This article is also part of our live blog: G7 countries stop importing Russian gold