The United States Imposes A Ban On Russian Gold Imports

Bryan Dijkhuizen

U.S. President Joe Biden revealed on Sunday morning that the leaders of the G-7 countries would declare an embargo on Russian gold imports as a response to Moscow's unjustified invasion of Ukraine. This was announced by Biden.

In order to deny Russian President Vladimir Putin the cash he needs to support his war in Ukraine, the United States has mobilized the rest of the globe in order to impose rapid and major economic penalties on Russia.

According to the source, on Tuesday, the United States Department of the Treasury will issue a determination to prohibit the import of new gold into the United States.

This action is intended to further isolate Russia from the global economy by preventing Russia from participating in the gold market.

“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.”

The sanctions, the purpose of which was to bring the Russian economy to its knees, included prohibitions or restrictions on the importation of oil and gas as well as business dealings with Russian institutions and people.

According to the most recent statistics from the World Gold Council, Russia has overtaken China as the world's second-largest producer of gold. Russia accounts for around 10 percent of the total gold production worldwide.

In spite of the unprecedented degree of sanctions that were placed on the Kremlin, the Russian currency actually reached its best level in seven years last week after a collapse in February. This came after the ruble had fallen to an all-time low in February.

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