🌍 Banning Russian gold

🌍 Banning Russian gold

Good morning, Quartz readers!

Here’s what you need to know

G7 nations will announce an import ban on Russian gold. So far, four of the seven countries have said they’ll join the ban (more below).

Japan warned of an energy shortage. Electric power supplies are expected to be near their capacity in Tokyo and eight nearby prefectures today amid a heat wave.

Russian missiles hit Kyiv. A residential apartment block in Ukraine’s capital was attacked, killing at least one person and wounding six.

Five people were arrested in Hong Kong on sedition charges. The city is preparing to celebrate the 25th anniversary of the British handover and swear in a new government.

Shanghai declared victory against covid as cases in Dandong flared up. Disease control officials said there is no clear origin for most cases in the current wave.

Emergency aid started to arrive in Afghanistan after an earthquake killed at least 1,000 people. Coordinating international help has been a challenge for the Taliban.

Nike will report its earnings today. Shares for the company, which is closing up shop in Russia, are down 36% so far this year.

What to watch for

G7 leaders are meeting in the Bavarian Alps to discuss global inflation and continued pressure on Russia as the invasion of Ukraine continues with strikes in Kyiv. The US, UK, Canada, and Japan will ban Russian gold imports in an attempt to cut funding from the regime of Russian president Vladimir Putin. US president Joe Biden has insisted that G7 nations must stick together in the fight against Putin, while other member countries decide if they want to join the ban. The official announcement is expected Tuesday (June 28).

The UK is by far the biggest importer of Russian gold. UK prime minister Boris Johnson said the ban will “directly hit Russian oligarchs and strike at the heart of Putin’s war machine.” Russia’s gold exports bring in around $19 billion in revenue each year, its largest known export after oil and gas.

The UK is the top importer of Russian precious stones and metals.
Image: Quartz

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