On 26 June, a news release from the Prime Minister’s Office advised that new exports of Russian gold will no longer be allowed to be enter the UK, Canada, US and Japan thanks to tough new measures to be announced at the G7 Summit. Gold is a major Russian export, worth £12.6 billion to the Russian economy in 2021. The measures announced build on the action taken by the London Bullion Market on 7 March to suspend 6 Russian refineries. The import ban, which will come into force shortly, will apply to newly mined or refined gold. It will not impact Russian-origin gold previously exported from Russia, and there are no plans to extend restrictions to Russian gold purchased legitimately before the import ban was put in place.
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