The United States, the United Kingdom, Japan and Canada are all taking steps to ban Russian gold imports in the run-up to the G7 summit. The G7 summit is being held in the southeastern German state of Bavaria.
US President Joe Biden has advised three other members of the G-7 alliance, Germany, France and Italy, to join the ban.
“Together the G7 will announce that we will ban Russian gold imports,” the US president said in a tweet. Because, it is a major export product of Russia, which earns them billions of dollars.
And British Prime Minister Boris Johnson said: “We need to take steps to reduce Russia’s ability to finance the Putin government in the ongoing war with Ukraine. We are on the side of the United Kingdom and our allies are trying to do just that now.
London, the capital of the United Kingdom, is one of the world’s leading gold trading centers. The UK government believes the move, along with three other countries, will have a major negative impact on President Putin’s ability to raise funds.
Russia invaded Ukraine on February 24. The country’s president, Vladimir Putin, has called it a “special operation.” Then four months passed. At the same time, Western nations have imposed a number of sanctions on Russia, particularly on top banks, businesses and state-owned enterprises, including the richest people close to the Putin government.
The United States, the United Kingdom, the European Union (EU) and other countries have so far imposed sanctions on more than a thousand Russian individuals and businesses. The UK ban on Russian gold imports will take effect soon.