The West is also imposing a ban on imports of Russian gold
Britain and the United States, as well as Canada and Japan, have agreed to ban gold imports from Russia as part of the latest sanctions against Moscow in response to the invasion of Ukraine.
"This is a measure that will directly hit the oligarchs, but it also means a direct blow to the heart of Putin's military machinery," said British Prime Minister Boris Johnson, adding that the West must prevent the Putin regime from financing the war.
Gold exports to Russia in 2021 have brought $ 15,5 billion, according to media reports.
It is believed that this income is even higher since the beginning of the aggression on Ukrainian territory, first for the needs of paying for military operations, but also because the Russian oligarchs since the end of February this year, have rushed to buy gold for large sums, for to avoid heavy financial sanctions on Russia.
The measure was announced at the beginning of this year's G-7 Summit of the seven most developed economies in the world. US President Joe Biden has called on Germany, France and Italy to join the ban.
London is the world's largest center for gold trading, so the British government believes the move creates a powerful blow to Moscow's ability to raise money for its current military needs.
The United States, the European Union and Britain, as well as a number of other countries, have already sanctioned more than a thousand Russian citizens as well as businessmen. The latest gold measure, unveiled at the G-7 summit, means $ 16,5 billion in export restrictions for Russia.
The elite group G-7 includes the United States, Canada, Britain, Germany, France, Italy and Japan. The annual summits of the group, held once a year during the summer, are regularly attended by the President of the European Commission and the President of the European Council (of the Union).