LONDON
NEW exports of Russian gold will no longer be allowed to enter the UK, US, Canada and Japan after tough new measures agreed at the G7 Summit in Germany on Sunday, designed to exert pressure on Russian President Vladimir Putin over the conflict with Ukraine.
Gold is a major Russian export, worth 12.6 billion pounds to the Russian economy in 2021. Its value to the Russian elite has also increased in recent months with oligarchs rushing to buy gold bullion in an attempt to avoid the financial impact of western sanctions.
"The measures we have announced today will directly hit Russian oligarchs and strike at the heart of Putin's war machine," said UK Prime Minister Boris Johnson, who is attending the summit in Bavaria.
This story is from the June 27, 2022 edition of The Morning Standard.
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This story is from the June 27, 2022 edition of The Morning Standard.
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