The G-7 Puts Ban On Russia’s Gold


On Tuesday, the Group of Seven nations will formally announce a ban on Russian gold imports in the latest round of sanctions over ’s invasion of Ukraine.
U.S. says “Russia has used gold to support its currency as a way to circumvent the impact of sanctions. One way to do that is by swapping gold for a more liquid foreign exchange that is not subject to current sanctions”.
Some experts say “since only a few countries are implementing the gold ban, the move is largely symbolic, while others, including those in the administration, say a ban on imports of Russian gold will target its ability to interact with the global financial system”.