London says a ban on new Russian gold imports will be announced at the G7 summit
Britain and the US, along with allies such as Japan and Canada, are set to reveal a ban on new imports of Russian gold during the G7 Leaders’ Summit on Sunday, according to a statement by the UK government.
“This measure will have global reach, shutting the commodity out of formal international markets” and delivering a “huge impact” on Moscow’s potential to generate revenue across the world, the statement reads, adding that the step is underpinned by London’s central role in the metals trade.
Shipments between Russia and London have been reduced to almost zero since the Western allies introduced unprecedented sanctions on Moscow over its military operation in neighboring Ukraine. The London Bullion Market Association, which sets the standards for the market, removed Russian gold refiners from its accredited list in March.
Earlier this week, Reuters…