Sunday 26 June 2022 08:39 AM UK, US, Canada and Japan ban imports of Russian gold at G7 summit trends now

Sunday 26 June 2022 08:39 AM UK, US, Canada and Japan ban imports of Russian gold at G7 summit trends now
Sunday 26 June 2022 08:39 AM UK, US, Canada and Japan ban imports of Russian gold at G7 summit trends now

Sunday 26 June 2022 08:39 AM UK, US, Canada and Japan ban imports of Russian gold at G7 summit trends now

The UK, US, Canada and Japan are banning imports of Russian gold as Boris Johnson urges the G7 to 'starve' Vladimir Putin of funding for the Ukraine war.

Gold exports were worth £12.6billion to Russia in 2021, oligarchs are believed to have been using bullion to avoid the impact of sanctions.

Downing Street says that because London is a major gold-trading hub, the UK's restrictions will have a huge impact on Mr Putin's ability to finance his war effort.

The PM confirmed the move as he arrived at the G7 summit in Bavaria, Germany.

He said: 'The measures we have announced today will directly hit Russian oligarchs and strike at the heart of Putin's war machine.

'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.

Boris Johnson

Vladimir Putin

The UK, US, Canada and Japan are banning imports of Russian gold as Boris Johnson (left) urges the G7 to 'starve' Vladimir Putin (right) of funding for the Ukraine war

Mr Johnson warned allies against becoming 'exhausted with this thing', arguing it would be a 'disaster' for the world if Putin wins ground in Ukraine (pictured, the aftermath of strikes in Kyiv yesterday)

Mr Johnson warned allies against becoming 'exhausted with this thing', arguing it would be a 'disaster' for the world if Putin wins ground in Ukraine (pictured, the aftermath of strikes in Kyiv yesterday)

US president Joe Biden disembarks Air Force One in Munich last night ahead of the summit

US president Joe Biden disembarks Air Force One in Munich last night ahead of the summit 

'We need to starve the Putin regime of its funding. The UK and our allies are doing just that.'

Legislation to implement the ban will be introduced in Parliament in the coming weeks.

The prohibition will apply to newly mined or refined gold.

It does not impact Russian-origin gold previously exported from Russia and there are no plans to extend

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