G7 leaders agreed to impose an embargo on Russian gold

G7 members have reached a preliminary agreement to ban the import of Russian gold.

The US Treasury is expected to announce the official decision of the US government on the embargo on June 28. Similar statements should be made by the finance ministries of other G7 countries. RBC.

The heads of the G7 countries have previously agreed on the imposition of an embargo on Russian gold, according to the publication Reuters sources aware of the progress of the negotiations. This is what CNN correspondent Caitlin Collins from the White House pool says, citing her sources.

Gold exports are the second largest source of revenue for the Russian state budget, after energy exports. Due to sanctions, a number of market players no longer buy Russian gold, fearing to violate the sanctions regime in the field of banking transactions. Russia mines on its territory 1/10 of the world’s gold production.

The 48th G7 summit will begin on Sunday 26 June and will last until Tuesday 28 June. The meeting place for the leaders of the participating countries will be the Bavarian castle Elmau in Germany. In addition to the heads of the United States, Great Britain, France, Canada, Germany, Italy and Japan, the summit will be attended by Ursula von der Leyen, President of the European Commission, and Charles Michel, President of the European Council. President of Ukraine Volodymyr Zelensky will speak at the summit.

At the beginning of the Russian invasion of Ukraine, global demand for gold, due to fears of global inflation, increased significantly. The US sanctions include a ban on transactions in gold owned by the Russian government. In the reserves of the banks of the Russian Federation, after the outbreak of hostilities in Ukraine, there is a decrease in the stocks of precious metals by 20%.

Earlier, Reuters, citing its sources, reported that the embargo on Russian gold could be included in the next package of European Union sanctions.

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