Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

UK, U.S., Japan and Canada to ban Russia gold imports

Commodities Jun 26, 2022 03:20AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Newly casted ingots of 99.99 percent pure gold are stored after weighing at the Krastsvetmet non-ferrous metals plant, one of the world's largest producers in the precious metals industry, in the Siberian city of Krasnoyarsk, Russia November 2

LONDON (Reuters) -Britain, the United States, Japan and Canada will ban new imports of Russian gold as part of efforts to tighten the sanctions squeeze on Moscow for its invasion of Ukraine, the British government said on Sunday.

The ban will come into force shortly and apply to newly mined or refined gold, the government statement said ahead of a meeting of Group of Seven leaders in Germany on Sunday.

The move will not affect previously exported Russian-origin gold, it added.

Russian gold exports were worth 12.6 billion pounds ($15.45 billion) last year and wealthy Russians have recently been buying bullion to reduce the financial impact of Western sanctions, the government said.

"The measures we have announced today will directly hit Russian oligarchs and strike at the heart of Putin's war machine," Prime Minister Boris Johnson said in the statement.

"We need to starve the Putin regime of its funding. The UK and our allies are doing just that."

The latest initiative follows the London Bullion Market Association's (LBMA) March suspension of accreditation for six Russian precious metals refiners.

($1 = 0.8155 pounds)

UK, U.S., Japan and Canada to ban Russia gold imports
 

Related Articles

Crude Oil Slumps; Chinese Data, Additional Supply Weigh
Crude Oil Slumps; Chinese Data, Additional Supply Weigh By Investing.com - Aug 15, 2022

By Peter Nurse    Investing.com -- Oil prices slumped Monday, weighed by concerns over slowing Chinese economic growth as well as raised potential for increased supply from both...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
pcqsn smwop
pcqsn smwop Jun 26, 2022 11:02AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They aren't buying that much gold anyway
Muzaffar Gondal
Muzaffar Gondal Jun 26, 2022 3:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
muzaffar iqbal
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email