G7 announced its intention to reduce Russia’s income from the sale of gold

The G7 will continue to look for new ways “to isolate Russia from world markets,” the group said. Also, the G7 will explore options for providing assistance to Ukraine using frozen Russian assets .jpg” alt=”G7 announced its intention to cut Russia's gold revenues” />

«G7» will cut Russia off from participation in world markets, limit its income, including from gold, the leaders of the participating countries say in a joint statement.

“We will continue to explore new ways to isolate Russia from participation in world markets and to curb evasion [from sanctions]. We are determined to cut Russia's income, including from gold. We will also continue to fight against [sanctions] evasion and reimbursing activities,” — the document says.

G7 leaders will also explore options for providing Ukraine with humanitarian aid and reconstruction support, including using frozen Russian assets.

In addition, in the “Big Seven” intend to continue imposing “targeted sanctions” against Russia. “We will agree on and expand targeted sanctions to further restrict Russia's access to key industries, services, and technologies produced by our economies, in particular those that support Russia's arms industrial [production] base and technology sector,” said in the statement.

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Russia— one of the largest exporters of gold. According to the Ministry of Finance, in 2021, Russian gold mining companies produced 346.4 tons of gold. Approximately 87% of this volume, or 302.2 tons, was exported, which brought in $17.4 billion, according to FCS statistics.

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On the eve of June 26, US President Joe Biden announced that the G7 (combines the UK, Germany, Italy, Canada, the United States, France and Japan) will ban the import of Russian gold. The sanctions will apply to new mining of the precious metal, but will not affect gold of Russian origin, which was previously exported from Russia. Following the G7, the European Union will also consider the possibility of imposing a ban on Russian gold imports.

The Kremlin, speaking about the threat of blocking gold imports from Russia, noted that “the precious metals market is quite large, voluminous and very diverse”, RIA Novosti reports. And, as with other products, if “one market loses its appeal” in connection with illegal decisions, there is a “reorientation to where these goods are more in demand and where there are more comfortable and more legal economic regimes,” said Dmitry Peskov, press secretary of the president.

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