Russian gold imports will be prohibited by the United Kingdom, the United States, Japan, and Canada

As part of measures to intensify the economic pressure on Moscow for its invasion of Ukraine, Britain, the United States, Japan, and Canada would stop new imports of Russian gold, the British government announced on Sunday.

According to the government’s official statement before the Group of Seven leaders meeting in Germany on Sunday, the restriction will soon be in effect and will also apply to newly mined gold. The decision won’t have an impact on gold that was previously exported from Russia.

Russian gold imports will be prohibited by the United Kingdom, the United States, Japan, and Canada

According to the government, Russian gold exports last year amounted to 12.6 billion pounds ($15.45 billion), and rich Russians have recently started purchasing bullion to lessen the economic effect of Western sanctions.

“The measures we have announced today will directly hit Russian oligarchs and strike at the heart of Putin’s war machine,” Prime Minister Boris Johnson said in the statement.

“We need to starve the Putin regime of its funding. The UK and our allies are doing just that.”

The most recent action comes after the London Bullion Market Association (LBMA) suspended certification for six Russian refiners of precious metals in March.