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G7 nations will announce an import ban on Russian gold

Four of the seven countries in G7 have said they’ll put an import ban on Russian gold.

G7 leaders are shown standing on a stage with mountains in the background.
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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).

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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.
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