The G7 will impose a ban on imports of Russian gold

MADRID, 26 Jun. (EUROPA PRESS) -

The president of the United States, Joe Biden, has announced that the countries participating in the G7 summit that begins this Sunday in Germany will impose a ban on imports of Russian gold.

"Together, the G7 will announce the ban on the import of Russian gold, a major export that generates tens of billions of dollars for Russia," Biden said on his Twitter account.

While Western sanctions to punish Russia have largely closed European and US markets to Russian gold, the G7 compromise will mark a complete separation between Russia and the world's two major trading hubs, London and New York.

In fact, and thanks to the support of the fundamental role that London plays in the gold trade, "the measure will have a global reach and a huge impact on Russia's ability to raise funds," according to an additional statement from the British Government.

The move, however, formalizes a current situation in which shipments between Russia and London have been reduced to almost zero since Western countries imposed sanctions on Russia for its invasion of Ukraine.

The London Bullion Market Association, which sets the standards for this market, removed Russian gold companies from its list of accreditations in March.