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

Commodities Jun 26, 2022 08:20

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

© 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)

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Comments (3)

Pedro Gonzalez Jun 26, 2022 10:08

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Why's it taken 4 months to do this!

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Cedric Cedric Jun 26, 2022 10:08

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To ensure what they ordered get delivered before the ban.

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Srinivas Pinisetti Jun 26, 2022 9:31

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Imo, any instability will lead to increase in prices.

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Jack foskett Jun 26, 2022 9:27

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what will this mean to gold prices?

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