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Ban on gold imports from Russia seen as 'largely symbolic'
By Ranjeetha Pakiam
Sunday, June 26, 2022
The plan by some Group of Seven nations to ban new gold imports from Russia is "largely symbolic" as flows have already been restricted by sanctions, according to analysts.
The U.S., U.K., Japan, and Canada plan to announce the ban during the G-7 summit that started Sunday in Germany.
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While the U.K. government said in a statement over the weekend that "this measure will have global reach, shutting the commodity out of formal international markets," analysts played down the potential impacts as the London Bullion Market Association, which sets standards for that market, removed Russian gold refiners from its accredited list in March. ...
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