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U.S. and allies will ban import of Russian gold
By Zeke Miller and Darlene Superville
Sunday, June 26, 2022
ELMAU, Germany -- President Joe Biden today praised the continued unity of the global alliance confronting Russia, as he and other heads of the Group of Seven leading economies strategized on sustaining the pressure in their effort to isolate Moscow over its months-long invasion of Ukraine.
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Biden and his counterparts were meeting to discuss how to secure energy supplies and tackle inflation, aiming to keep fallout from the war from splintering the global coalition working to punish Moscow. They were set to announce new bans on imports of Russian gold, the latest in a series of sanctions the club of democracies hopes will further isolate Russia economically over its invasion of Ukraine. ...
Gold in recent years has been the top Russian export after energy -- reaching almost $19 billion or about 5% of global gold exports in 2020, according to the White House.
Of Russian gold exports, 90% was consigned to G-7 countries. More than 90% of those exports, or nearly $17 billion, was exported to the UK. The United States imported less than $200 million in gold from Russia in 2019, and under $1 million in 2020 and 2021. ...
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