G7 announces ban on import of Russian gold amid war with Ukraine2 min read 26 Jun 2022, 01:48 PM IST
Worth 12.6 billion pounds ($15.5 billion) to the Russian economy in 2021, gold is also a refuge commodity in times of turmoil. Russian oligarchs are believed to have rushed to hide their assets from Western sanctions enforcers by converting to the precious metal
The United States said Sunday that the G7 group of nations will ban imports of Russian gold with the aim of tightening sanctions screws on Moscow and crippling its war effort in Ukraine.
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