US, UK and Japan ban import of gold from Russia

The US, Britain and Japan have announced a ban on the import of gold from Russia. In view of the Russian attack on Ukraine for the last four months, this step has been taken with the aim of hurting Russia's economy.

US President Joe Biden has said that soon other countries of the G-7 such as Germany, France and Italy will also join this ban. He wrote in a tweet, "The United States has dealt an unprecedented blow to Putin for stopping him from raising the money needed for the war against Ukraine. Together the G-7 will announce that we will ban the import of gold from Russia. This export of gold from Russia is worth billions of dollars.

It is known that from Sunday to Tuesday, a meeting of the leaders of the G-7 countries is going to be held in Bavaria, Germany. Indian Prime Minister Narendra Modi has also gone to Germany to participate in it. The UK government says the move will have a huge impact on Putin's ability to raise funds.

British Prime Minister Boris Johnson said the decision would "hurt Putin's war machine". "We need to make Putin's government crave money," he said. Britain and our allies are doing the same thing. According to Britain, the importance of gold has increased since Russia's invasion of Ukraine. That's because Russian oligarchs are insisting on investing in bullion, ie gold and silver, to avoid sanctions.

In 2021, gold worth more than $ 15 billion was exported from Russia to the world. Russia attacked Ukraine on 24 February this year. After that, Russia's war with Ukraine continues for the last four months. After the attack, Western countries have imposed many types of sanctions on Russia. So far, sanctions have been imposed on more than 1,000 people and businesses in Russia.

It is believed that this ban will increase the price of gold in the world. However, it remains to be seen whether India imports gold as cheap as crude oil from Russia or not.