LIVE TEXT. Russia’s invasion of Ukraine; Several rocket explosions sank in Kiev this morning

The G7 will ban Russian gold exports in an effort to prevent oligarchs from buying the precious metal to evade sanctions against Moscow, Britain and the United States said on Sunday.

According to the British Prime Minister Boris Johnson, the joint action “will directly affect the Russian oligarchs and hit [Krievijas prezidenta Vladimira] Putin at the center of the war machine “.

Given London’s central role in international gold trade and the parallel moves by the United States, Japan and Canada, “the event will have a global impact by excluding the product from official international markets,” the UK said.

Gold, worth 14.5 billion euros to the Russian economy in 2021, is an important export product for the country.

Following the imposition of sanctions, Russia’s rich have rushed to turn their assets into gold to avoid the effects of financial constraints.

According to the White House, in 2020 Russia’s share in total gold exports was 5% and 90% of Russia’s gold exports went to the G7 countries, mainly to Great Britain.

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