scorecardresearchHow a G-7 ban on Russian gold would work

How a G-7 ban on Russian gold would work

Updated: 28 Jun 2022, 03:51 PM IST
TL;DR.
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.
(FILES) This file photo taken on August 5, 2020 shows a worker melting gold bars in a furnace in Sydney. Four G7 powers will ban Russian gold exports in a new bid to stop oligarchs from buying the precious metal to avoid the impact of sanctions against Moscow, Britain said on June 26, 2022. The joint action taken by Britain, Canada, Japan and the United States, will directly hit Russian oligarchs and strike at the heart of (President Vladimir) Putin's war machine, said British Prime Minister Boris Johnson. (Photo by DAVID GRAY / AFP)

(FILES) This file photo taken on August 5, 2020 shows a worker melting gold bars in a furnace in Sydney. Four G7 powers will ban Russian gold exports in a new bid to stop oligarchs from buying the precious metal to avoid the impact of sanctions against Moscow, Britain said on June 26, 2022. The joint action taken by Britain, Canada, Japan and the United States, will directly hit Russian oligarchs and strike at the heart of (President Vladimir) Putin's war machine, said British Prime Minister Boris Johnson. (Photo by DAVID GRAY / AFP)