Newly Exported Russian Gold Banned From US
The U.S. is banning the import of gold from Russia, starting June 28, but Russia-origin gold that is already outside the country is allowed to enter.
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The Treasury Department announced the determination, and the action is in concert with the U.K., Canada and Japan.
The British government said, "Gold is a major Russian export, worth £12.6 billion 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. London is a major global gold trading hub and UK sanctions, which will be the first of their kind to be implemented against Russia anywhere in the world, will have a huge impact on Putin’s ability to raise funds."
The U.K. prohibition began June 26. British Prime Minister Boris Johnson said: “The measures we have announced today will directly hit Russian oligarchs and strike at the heart of Putin’s war machine.
“Putin is squandering his dwindling resources on this pointless and barbaric war. He is bankrolling his ego at the expense of both the Ukrainian and Russian people. We need to starve the Putin regime of its funding. The UK and our allies are doing just that.”