Exported Russian gold will be shut out of the UK, Canada, US and Japan under a batch of fresh sanctions designed to ramp up pressure on Moscow’s war efforts, the government announced today.
Ministers said the ban on Russian gold exports, worth £12.6bn to the Russian economy in 2021, will come into effect “shortly”.
“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 today in a statement ahead of a meeting of Group of Seven leaders in Germany on Sunday.
“Putin is squandering his dwindling resources on this pointless and barbaric war. He is bankrolling his ego at the expense of both the Ukrainian and Russian people.
A ban on exports will apply to newly mined or refined gold, but does not impact Russian-origin gold previously exported from Russia, the government said. The precious metal has taken on added significance in recent months as wealthy Russians have been buying up bullion to reduce the impact of sanctions.
The move from ministers initiative follows the London Bullion Market Association’s (LBMA) March suspension of accreditation for six Russian precious metals refiners.