Bloomberg) -- The US, UK, Japan and Canada plan to announce a ban on new gold imports from Russia during a summit of Group of Seven leaders that’s getting underway Sunday.
Underpinned by London’s central role in the gold trade, “this measure will have global reach, shutting the commodity out of formal international markets” and delivering a “huge impact” on President Vladimir Putin’s ability to raise funds, the UK government said in a statement.
Shipments between Russia and London have collapsed to almost zero since western countries imposed sanctions on Russia for its invasion of Ukraine. The London Bullion Market Association, which sets standards for that market, removed Russian gold refiners from its accredited list in March.
“What this does is formalize what the gold industry has already done anyway,” said Adrian Ash, head of research at brokerage BullionVault.
The measure will apply to gold leaving Russia for the first time and the Treasury Department will issue the US ban on Tuesday, according to a person familiar with the plan. US persons have been banned from engaging in gold-related transactions with Russia’s central bank, the country’s National Wealth Fund and its finance ministry under an executive order signed by President Joe Biden on April 15.
US and Other G-7 Nations to Ban Imports of New Gold From Russia
OK, so Russia sells it to China/East Asia for a few rubles less and given how the ruble is at a seven year high against the dollar they don't even need to sell.....They don't export that much gold anyway.
I swear, we have children running the ship of state.....And there's rocky shoals ahead.
Underpinned by London’s central role in the gold trade, “this measure will have global reach, shutting the commodity out of formal international markets” and delivering a “huge impact” on President Vladimir Putin’s ability to raise funds, the UK government said in a statement.
Shipments between Russia and London have collapsed to almost zero since western countries imposed sanctions on Russia for its invasion of Ukraine. The London Bullion Market Association, which sets standards for that market, removed Russian gold refiners from its accredited list in March.
“What this does is formalize what the gold industry has already done anyway,” said Adrian Ash, head of research at brokerage BullionVault.
The measure will apply to gold leaving Russia for the first time and the Treasury Department will issue the US ban on Tuesday, according to a person familiar with the plan. US persons have been banned from engaging in gold-related transactions with Russia’s central bank, the country’s National Wealth Fund and its finance ministry under an executive order signed by President Joe Biden on April 15.
US and Other G-7 Nations to Ban Imports of New Gold From Russia
OK, so Russia sells it to China/East Asia for a few rubles less and given how the ruble is at a seven year high against the dollar they don't even need to sell.....They don't export that much gold anyway.
Russia's ruble is the strongest currency in the world this year
Russia's ruble is the strongest currency in the world this yearI swear, we have children running the ship of state.....And there's rocky shoals ahead.
