A ban on the import of Russian gold is approaching … and Western sanctions are intensifying

WASHINGTON (Reuters) – US President Joe Biden and his Group of Seven counterparts will agree to ban the importation of new gold from Russia as they widen sanctions against Moscow for its war against Ukraine, one told Reuters. source close to the issue. .

According to the source, the US Treasury will issue a decision on Tuesday to ban the importation of new gold into the US. in a move aimed at further isolating Russia from the global economy by preventing its participation in the gold market.

Russia produces about 10% of the gold mined in the world every year. Its gold reserves have tripled since annexing Crimea in 2014.

The ban on Russian gold imports will be the latest in a series of sanctions against Moscow since the February 24 invasion of Ukraine, which killed or injured thousands of people.

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