UK, US, Canada and Japan ban imports of Russian gold at G7 summit
UK, US, Canada and Japan ban Russian gold imports as Boris urges G7 leaders to ‘starve Putin of his funding’ for war in Ukraine
The UK, US, Canada and Japan ban Russian gold imports as Boris Johnson urges the G7 to “starve” Vladimir Putin of funding for the war in Ukraine.
Gold exports to Russia were worth £12.6 billion in 2021, and oligarchs are believed to have used precious metal to avoid the fallout from sanctions.
Downing Street says that because London is a major gold trading center, the UK’s restrictions will have a huge impact on Putin’s ability to fund his war effort.
The prime minister confirmed the move when he arrived at the G7 summit in Bavaria, Germany.
He said: “The measures we have announced today will hit the Russian oligarchs directly and hit the heart of Putin’s war machine.
Putin is wasting his dwindling resources on this senseless and barbaric war. He finances his ego at the expense of both the Ukrainian and Russian people.
UK, US, Canada and Japan ban Russian gold imports as Boris Johnson (left) urges G7 to ‘starve’ Vladimir Putin (right) of funding for the war in Ukraine
Johnson warned his allies to “wear out” arguing it would be a “disaster” for the world if Putin gains ground in Ukraine (pictured, aftermath of yesterday’s Kiev strikes)
US President Joe Biden steps out of Air Force One in Munich last night before the Air Force One summit
We must starve the Putin regime of its funding. The UK and our allies are doing just that.”
Legislation to implement the ban will be tabled in parliament in the coming weeks.
The ban will apply to newly mined or refined gold.
It will not affect gold of Russian origin previously exported from Russia and there are no plans to extend restrictions to gold purchased legitimately before the import ban was introduced.
The move, on top of existing sanctions, means restrictions on Russian exports worth around £13.5 billion from a range of industries.
Chancellor Rishi Sunak said: “Given London’s role at the heart of the global gold trade, this shows that the UK will take hard steps to stop the Russian war machine.”
Johnson has pledged a further £430 million to Ukraine as he pushes for a ‘Plan B’ to free grain from Russia’s clutches.
On the eve of the G7 meeting, the Prime Minister confirmed that the UK would support more World Bank loans to Ukraine later in the year, bringing total aid to £1.2 billion.
Johnson, who is attending the summit after a Commonwealth meeting in Rwanda, said: ‘Ukraine can win and it will win. But for that they need our support. This is not the time to give up Ukraine.”
The prime minister confirmed the move when he arrived at the G7 summit in Bavaria, Germany. Pictured, the Schloss Elmau where the leaders gather
Canadian Prime Minister Justin Trudeau arrives for the summit in Germany yesterday
French President Emmanuel Macron has also arrived for the meeting of world leaders
It comes as he criticized current United Nations plans to get grain out of the war-torn country, saying they are doomed to failure as Russian President Vladimir Putin will use famine as a bargaining chip to ease sanctions.
Instead, he says there is a need for a ‘Plan B’, which involves clearing the Black Sea, providing more weapons and providing insurance to commercial ships attempting to carry out the Russian blockade. .
Johnson warned his allies to “wear out” arguing that it would be a “disaster” for the world if Putin gains ground.
“I’m going to make it today in the (leaders’) retreat, but tomorrow in the G7. I think it just repeats the basic point that a victory for Putin is a disaster,” Johnson said.
Foreign Minister Liz Truss also warned against getting “tired” support for Ukraine, as she warned of a peace deal that would be a “concession” to Moscow.
After talks with Turkey in Ankara, she told reporters in Kigali that “we only have a month to do this.”
“My concern is that Russia is currently prevailing,” she said.