G7 Countries to Impose Ban on Russian Gold Imports

The Prime Minister of the United Kingdom, Boris Johnson, has announced that his country will join the G7 nations in banning the import of gold from Russia. He made this statement upon arriving at the G7 summit in Germany. Johnson's comments were reported by The Independent.

U.S. President Joe Biden also confirmed the plans to ban Russian gold imports on his Twitter page. These sanctions will apply to gold mined after the ban takes effect and will not affect gold that has already been purchased.

In 2021, the UK was the largest importer of Russian gold, purchasing 266.1 tons of gold from Russia (nearly 90% of total exports) for $15.4 billion. Other countries that followed include Kazakhstan (8.1 tons), Switzerland (7.3 tons), India (5.7 tons), Germany (5.5 tons), Belarus (3.7 tons), and Turkey (2.1 tons).