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UK, US, Japan & Canada To Ban Russia Gold Imports Due To Ukraine War

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UK, US, Japan & Canada To Ban Russia Gold Imports Due To Ukraine War

(CTN News) – In response to Moscow’s invasion of Ukraine, Britain, the United States, Japan and Canada will ban new imports of Russian gold, the British government said on Sunday.

According to the government statement, the ban will take effect shortly and affect newly mined or refined gold.

According to the statement, previously exported Russian gold will not be affected by the move.

According to the government, Russian gold exports were worth $15.6 billion last year, and wealthy Russians have been buying bullion to reduce the financial impact of Western sanctions.

Prime Minister Boris Johnson said in a statement that the measures he announced today would strike directly at Russian oligarchs and Putin’s war machine.

In order to starve the Putin regime of funding, the UK and our allies are doing exactly that.”

Six Russian refiners were suspended from accreditation by the London Bullion Market Association (LBMA) in March.

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Arsi Mughal is a staff writer at CTN News, delivering insightful and engaging content on a wide range of topics. With a knack for clear and concise writing, he crafts articles that resonate with readers. Arsi's pieces are well-researched, informative, and presented in a straightforward manner, making complex subjects accessible to a broad audience. His writing style strikes the perfect balance between professionalism and casual approachability, ensuring an enjoyable reading experience.

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