Some of the world’s leading economic nations, including the United States and some members of the European Union and Group of Seven (G7), are working out the details of a ban on gold exports from Russia, with the plan expected to be formally approved as soon as this week.
The proposal was first mooted at the G7 summit in Bavaria last month but the fine print is being finalised by the US, United Kingdom, Canada and Japan, before the group votes on a ban on imports of Russian gold.
“Note that refined Russian gold is marked and dated and therefore straightforwardly identifiable,” the London Bullion Market Association (LBMA), the trade association representing the UK market for gold and silver bullion, said in a statement to Al Jazeera.
“The sanctions imposed from 24th June apply to all new Russian gold, but do not apply to Russian gold produced before this date and held outside that country.”
Haven’t some countries already banned Russian gold?
Yes, there has been an unofficial ban on Russian gold by the London market, as most buyers there stopped trading it when the LBMA…
