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G7 to crack down on Russia's ability to sell its gold
How, exactly? By imposing comprehensive sanctions on China? That will make the current trade disruptions seem like a picnic. What if Russia starts demanding gold as payment for its oil and gas, which Europe already has exempted from sanctions?
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James Politi and Sam Fleming
Financial Times, London
Thursday, March 24, 2022
BRUSSELS, Belgium -- G7 leaders have agreed to crack down on Russia's ability to sell its gold reserves to support its currency as they launch a new effort to hinder any attempts by Moscow to evade financial sanctions imposed by the west.
The move was unveiled on today as G7 leaders met at NATO headquarters in Brussels to beef up the economic punishment inflicted on Vladimir Putin's regime as a result of Russia's invasion of Ukraine.
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It comes as the Biden administration and European governments focus on tightening the sanctions introduced at the start of the conflict and consider additional measures against Moscow.
"G7 leaders and the EU will continue to work jointly to blunt Russia's ability to deploy its international reserves to prop up Russia's economy and fund Putin's war, including by making clear that any transaction involving gold related to the Central Bank of the Russian Federation is covered by existing sanctions," the White House said in a statement. ...
... For the remainder of the report:
https://www.ft.com/content/76e52790-7d3d-4303-a8c4-441da2aa39a8
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