WASHINGTON: US President Joe Biden and his G7 counterparts will agree on an import ban on new gold from Russia as they broaden sanctions against Moscow for its war against Ukraine, a source familiar with the matter told Reuters on Saturday .
According to the source, the US Treasury Department will issue a determination to prohibit the import of new gold into the US on Tuesday, in a move aimed at further isolating Russia from the global economy by preventing its participation in the gold market.Western sanctions on Russia have not directly targeted commercial gold shipments but many banks, shippers and refiners stopped dealing with Russian metal after the conflict in Ukraine began.
Shares of Russian gold miners traded abroad have collapsed this year amid difficulties including selling gold and repaying loans to sanctioned banks.
hmmm oil ban not working?
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