U.S., UK, Japan And Canada To Ban Imports Of Russian Gold

Britain, the United States, Japan, and Canada will prohibit new Russian gold imports as part of attempts to tighten sanctions on Moscow for its invasion of Ukraine, the British government announced on Sunday, William Schomberg reported for Reuters.

Photo Insert: Olimpiada is the largest gold mine of Russian company, Polyus.

The embargo will go into effect soon and would apply to newly mined or processed gold, according to a government statement issued ahead of the Group of Seven (G7) leaders' meeting in Germany on Sunday.

The action would not affect previously exported Russian-origin gold, according to the statement.

Russian gold exports were worth 12.6 billion pounds ($15.45 billion) last year, according to the government, and affluent Russians have recently purchased bullion to mitigate the financial impact of Western sanctions.

"The measures we have announced today will directly hit Russian oligarchs and strike at the heart of Putin's war machine," Prime Minister Boris Johnson said. "We need to starve the Putin regime of its funding. The UK and our allies are doing just that."

The latest initiative follows the London Bullion Market Association's (LBMA) March suspension of accreditation for six Russian precious metals refiners.

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