US President Joe Biden and fellow Group of Seven leaders will agree to announce a ban on new gold imports from Russia, a person familiar with the plan said, the latest sanctions in response to the Russian invasion of Ukraine.
The leaders will announce the joint pledge at a summit in Germany that begins on Sunday, the person said, speaking on condition of anonymity ahead of a public announcement. The US Treasury Department will issue a ban on Tuesday, prohibiting US imports.
Western sanctions imposed to punish Russia already have largely closed European and U.S. markets to gold from Russia, the world’s second-biggest bullion miner. The latest move would mark a total severance between Russia and the world’s top two trading centers, London and New York. The UK capital was one of the most important destinations for Russia’s precious metals, with $15 billion in gold arriving from the country last year.
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Russia is the second biggest gold mining nation in the world
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