On Tuesday, the Group of Seven nations agreed on a ban on Russian gold imports in the latest round of sanctions over Russian President Vladimir Putin’s invasion of Ukraine. Here's how a G-7 ban on Russian gold would work.
WASHINGTON — Russia appears to have defaulted on its foreign debt for the first time since the 1917 Bolshevik Revolution, and the U.S. and its allies are taking aim at the former Soviet Union’s second largest export industry after energy — gold.
The U.S. says Russia has used gold to support its currency as a way to circumvent the impact of sanctions. One way to do that is by swapping gold for a more liquid foreign exchange that is not subject to current sanctions. “It can’t acquire what it needs to modernize its defense sector, to modernize its technology, to modernize its energy exploration,” Blinken said.
“It’s that high level of export receipts that is sustaining the country and sustaining the economy since sanctions were ratcheted up after February 24th,” Weafer said.
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