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Ukraine war: UK joins ban on imports of Russian gold | Ukraine war: UK joins ban on imports of Russian gold |
(about 2 hours later) | |
The UK, US, Canada and Japan will ban imports of Russian gold in an effort to hit Moscow's ability to fund the war in Ukraine. | The UK, US, Canada and Japan will ban imports of Russian gold in an effort to hit Moscow's ability to fund the war in Ukraine. |
The UK PM said the move would "strike at the heart of Putin's war machine". | |
Gold exports were worth £12.6bn ($15.4bn) to Russia in 2021, and the UK says their importance has increased since the invasion as oligarchs rush to buy bullion to avoid sanctions. | Gold exports were worth £12.6bn ($15.4bn) to Russia in 2021, and the UK says their importance has increased since the invasion as oligarchs rush to buy bullion to avoid sanctions. |
It comes as the G7 group of the world's richest nations meet in Germany. | It comes as the G7 group of the world's richest nations meet in Germany. |
US President Biden suggested the other G7 nations - Germany, France and Italy - would also join the ban. | US President Biden suggested the other G7 nations - Germany, France and Italy - would also join the ban. |
"Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia," he said in a tweet. | "Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia," he said in a tweet. |
UK Prime Minister Boris Johnson added: "We need to starve the Putin regime of its funding. The UK and our allies are doing just that." | UK Prime Minister Boris Johnson added: "We need to starve the Putin regime of its funding. The UK and our allies are doing just that." |
What sanctions are being imposed on Russia? | What sanctions are being imposed on Russia? |
G7 face battle for unity as cost of war mounts | G7 face battle for unity as cost of war mounts |
With London a major global trading hub for gold, the UK government said the move would have a huge impact on President Putin's ability to raise funds. | With London a major global trading hub for gold, the UK government said the move would have a huge impact on President Putin's ability to raise funds. |
Since Russia invaded Ukraine in February, Western countries have introduced a range of sanctions targeting wealthy individuals, banks, businesses and state-owned enterprises. | Since Russia invaded Ukraine in February, Western countries have introduced a range of sanctions targeting wealthy individuals, banks, businesses and state-owned enterprises. |
The US, European Union, UK and other countries have sanctioned more than 1,000 Russian individuals and businesses so far. | The US, European Union, UK and other countries have sanctioned more than 1,000 Russian individuals and businesses so far. |
The latest measure will mean UK import restrictions will apply to Russian exports worth around £13.5bn. | The latest measure will mean UK import restrictions will apply to Russian exports worth around £13.5bn. |
The UK said the gold import ban would come into force shortly, with legislation introduced in Parliament in the coming weeks. | The UK said the gold import ban would come into force shortly, with legislation introduced in Parliament in the coming weeks. |
It will apply to newly mined or refined gold, and does not impact gold previously exported from Russia. | It will apply to newly mined or refined gold, and does not impact gold previously exported from Russia. |
There are no plans to extend restrictions to Russian gold purchased legitimately before the import ban was put in place. | There are no plans to extend restrictions to Russian gold purchased legitimately before the import ban was put in place. |
Discussions at the G7 summit in Bavaria are expected to focus on the international response to the war in Ukraine, as well as soaring prices and the global food crisis. | Discussions at the G7 summit in Bavaria are expected to focus on the international response to the war in Ukraine, as well as soaring prices and the global food crisis. |
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