UK, US, Japan and Canada ban gold imports from Russia during war in Ukraine

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LONDON (Reuters) – Britain, the United States, Japan and Canada will ban further imports of Russian gold as part of efforts to tighten sanctions on Moscow over its invasion of Ukraine, a the British government announced on Sunday.

The ban will come into force shortly and will apply to newly mined or refined gold, the government statement said ahead of a meeting of Group of Seven leaders in Germany on Sunday.

This decision will not affect previously exported Russian-origin gold, he added.

Russian gold exports were worth 12.6 billion pounds ($15.45 billion) last year and wealthy Russians have recently bought bullion to lessen the financial impact of Western sanctions, the government said.

“The measures we announced today will hit the Russian oligarchs directly and strike at the heart of Putin’s war machine,” Prime Minister Boris Johnson said in the statement.

“We need to starve the Putin regime of its funding. The UK and our allies are doing just that.”

The latest move follows the suspension in March of the London Bullion Market Association (LBMA) accreditation for six Russian refiners of precious metals.

($1 = 0.8155 pounds)

(Written by William SchombergEdited by David Goodman)

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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