Will gold cost more? G-7 trying to make Russian gold shine, Biden hints at imposing sanctions

The US and its allies are now going to impose sanctions on the import of gold from Russia in protest against the Russian attack on Ukraine. US President Joe Biden, who arrived in Germany on Sunday to attend the G7 summit, gave this information.

Elmau, AP. The US and its allies are now going to impose sanctions on the import of gold from Russia in protest against the Russian attack on Ukraine. According to the news agency Reuters report, US President Joe Biden, who arrived in Germany on Sunday to attend the G7 summit, gave this information. It should be noted that Russia is one of the largest gold producing countries in the world.

Giants will churn, there will be an emphasis on creating pressure

In a meeting that begins on Sunday, President Biden will discuss the situation with the leaders of Germany, Japan, Britain, France, Canada and Italy to discuss the situation arising out of Russia’s reduction in gas supplies. Along with this, the impending food crisis will also be discussed due to the stoppage of Russia’s supplies. Along with this, the Ukraine war will be discussed and ways to increase pressure on Russia will be considered.

This decision will really be heavy on Russia

Chief among these methods will be the ban on Russian gold. Russia is one of the largest gold producing countries in the world. Russia has produced 300 tonnes of gold in 2021. The decision to ban Russian gold imports will weigh heavily on Russia because 90 percent of its gold is bought by the same G7 countries, which are imposing sanctions. Of these, the UK alone is the largest buyer of Russian gold.

Russia has the largest gold reserves in the world

Last year, about $17 billion worth of Russian gold was bought in Britain. Russia has the largest gold reserves after Australia. The heads of the world’s seven rich countries can announce a ban on gold imports from Russia on Tuesday, the last day of the conference.

Russia earns the most from gold after gas

According to a senior Biden administration official, Russia receives the most foreign exchange from gold exports after gas and oil. With the ban on gold imports, Russia’s trouble in the international market is expected to increase. This will have a direct impact on the Russian economy.

Russian riches will be hit hard

On the ban on import of Russian gold, British Prime Minister Boris Johnson has said that it will directly affect Russian Dhankuber. This will affect Putin’s war machine. Because Putin is waging a barbaric war against Ukraine using these same natural resources. Our aim is to close the funding sources of the Putin government so that their war desire can be quelled.

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