UK, US, Japan, Canada Ban Russian Gold Imports, Boris Johnson: We Need To Starve Putin's Regime

Gold illustration (Photo: Antara)

JAKARTA - Britain, the United States, Japan and Canada will ban new imports of gold from Russia in an effort to tighten sanctions against Moscow over its invasion of Ukraine.

The ban will take effect immediately for newly mined or refined gold, the British government said in a statement released Sunday, ahead of a meeting of G7 leaders in Germany.

"The measures we are announcing today will hit the Russian oligarchs directly and strike at the heart of Putin's war machine," Prime Minister Boris Johnson said in a statement.

"We need to starve the Putin regime in funding. The UK and our allies are doing that."

The move will not affect previously exported Russian gold.

This latest initiative follows the suspension of the London Bullion Market Association (LBMA) accreditation for six Russian precious metal refiners last March.

Russia's gold exports were worth 12.6 billion pounds last year.

A number of wealthy Russians recently bought gold bullion to mitigate the financial impact of Western sanctions, the government said.