US President Joe Biden and leaders of the G7 countries have agreed to impose an embargo on Russian gold. It will prohibit the purchase of new gold from Russia.
This was reported by Reuters, citing its own sources.
It is expected that this agreement will be officially recorded during the G7 leadersʼ summit on June 26-28. On Tuesday, the US Treasury Department will issue a decree banning the import of new gold from Russia.
None of the restrictions imposed on Russia provided for an embargo on gold, but many banks and companies have stopped working with this Russian metal due to the danger of sanctions. In addition, the reserves of the Central Bank of the Russian Federation in gold have also not yet been subject to sanctions.
In total, Russia produces about 10% of the worldʼs gold. It remains an important asset for the Russian central bank, and after the annexation of Crimea in 2014, Russia tripled its gold reserves.