Biden Confirms That G-7 Nations Will Announce Ban On Russian Gold Imports

Leaders of the G-7 nations are set to announce a ban on Russian gold imports as part of a series of penalties for Moscow’s continued war in Ukraine, US President Joe Biden on Sunday confirmed on Twitter.

The leaders are currently in Munich, Germany, for the latest G-7 summit. According to a senior US administration official, the ban would be announced on Tuesday, which also the last day of the summit.

The ban adds to a series of sanctions that the US and its allies has imposed on Russia since Russian President Valdimir Putin began the unprovoked invasion of Ukraine on February 24.

10% of the global gold output comes from Russia, making the country the second-largest producer in the world. As of the end of first quarter of 2022, Russia has gold reserves amounting to 2301.64 tonnes. The precious metal is a crucial asset for Russia’s central bank, which is already currently operating under rigid conditions from earlier sanctions imposed by the West.

The impact of earlier sanctions have been questioned, especially after the ruble’s strength broke a seven-year record following its collapse in February. The ruble was 52.3 to the dollar on Wednesday, the strongest it’s been since May 2015.

According to a report by CNBC, the ruble has gotten so strong that Russia’s central back is “actively taking measures to try to weaken it, fearing that this will make the country’s exports less competitive.”


Information for this briefing was found via Twitter, CNBC and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Gold/Silver: People Can Still Lose Money In This Bull Market!? | Rick Rule

He Said $300 Silver!? | Peter Krauth

Dollar Will Collapse, Gold and Silver Are the Only Safe Havens | Jim Rogers

Recommended

Nova Scotia Bans Forest Access to Prevent Wildfires

Cardiol Therapeutics Releases Positive Topline Results From Phase II Clinical Trial

Related News

Equinox Gold Reports US$314 Million After-Tax NPV For Aurizona Gold Mine

Equinox Gold Corp. (TSX: EQX) shared today the results of its pre-feasibility study for an...

Monday, September 20, 2021, 10:34:00 AM

As Thousands of Pregnant Russians Flock to Argentina to Escape War, Authorities Crack Down On ‘Birth Tourism’

Since the start of Russia’s war in Ukraine, thousands of pregnant Russian women have fled...

Monday, March 13, 2023, 02:22:00 PM

West Red Lake Announces $1.5 Million Flow Through Financing

West Red Lake Gold Mines (CSE: RLG) this evening announced a financing for gross proceeds...

Monday, August 24, 2020, 04:37:14 PM

Gold Lion Resumes Drilling At Robber Gulch

Gold Lion Resources (CSE: GL) this morning announced that is has resumed its drill program...

Monday, March 8, 2021, 09:33:50 AM

Exploits Begins Turning Drills At Schooner Prospect

Exploits Discovery (CSE: NFLD) has mobilized for its 2021 drill program. The company this morning...

Thursday, May 27, 2021, 09:19:58 AM