UK, U.S., Japan and Canada to ban Russia gold imports
Canada #Canada
LONDON (Reuters) -Britain, the United States, Japan and Canada will ban new imports of Russian gold as part of efforts to tighten the sanctions squeeze on Moscow for its invasion of Ukraine, the British government said on Sunday.
The ban will come into force shortly and apply to newly mined or refined gold, the government statement said ahead of a meeting of Group of Seven leaders in Germany on Sunday.
The move will not affect previously exported Russian-origin gold, it added.
Russian gold exports were worth 12.6 billion pounds ($15.45 billion) last year and wealthy Russians have recently been buying bullion to reduce the financial impact of Western sanctions, the government said.
Video: Crude oil prices climb after EU agrees to ban most Russian imports (CNBC)
Crude oil prices climb after EU agrees to ban most Russian imports
SHARE
SHARE
TWEET
SHARE
What to watch next
Cramer’s week ahead: Next week will be a bellwether for earnings season
CNBC
CNBC TechCheck Evening Edition:
CNBC
CNBC Markets Now: June 24, 2022
CNBC
Post-Market Wrap: June 24, 2022
CNBC
The Week Ahead: First half of year comes to a close
CNBC
The Week That Was: Biden proposes gas tax holiday
CNBC
More pain ahead for commodities, says Chartmaster Carter Worth
CNBC
The three most important charts in the market
CNBC
Two-Minute Drill: BBWI, BFAM & RVLV
CNBC
No one is saying the bottom is in, says the WSJ’s Banerji
CNBC
Inflation fears have given way to fears of a slowdown, says Fundstrat’s Mark Newton
CNBC
Supreme Court overturns Roe v. Wade, setting up more legal battles and midterm showdown
CNBC
The big banks are much better businesses than they were decades ago, says Oakmark’s Bill Nygren
CNBC
Kohl’s plunges as Franchise Group considers lower bid
CNBC
Why there could be a wave of retail bankruptcies
CNBC
We’ve reset valuations, but not earnings, says Anastasia Amoroso
CNBC
Click to expand
UP NEXT
“The measures we have announced today will directly hit Russian oligarchs and strike at the heart of Putin’s war machine,” Prime Minister Boris Johnson said in the statement.
“We need to starve the Putin regime of its funding. The UK and our allies are doing just that.”
The latest initiative follows the London Bullion Market Association’s (LBMA) March suspension of accreditation for six Russian precious metals refiners.
($1 = 0.8155 pounds)
(Writing by William SchombergEditing by David Goodman)