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The British government announced, on Sunday, that it will ban, along with the United States, Canada and Japan, the import of Russian gold, as part of new sanctions once morest Moscow in response to the military operation in Ukraine.
The quadripartite decision came on the first day of the G7 summit hosted by the German capital, Berlin, to discuss strategies to secure energy supplies and tackle inflation.
In this context, the President of the United States announced Of the bygonesOn Sunday, his country and the Group of Seven countries would ban the import of Russian gold, which is the second largest Russian export following energy, through a tweet on Twitter, in which it stated: "imposed United State Unprecedented costs for Putin to deprive him of the revenue he needs to finance his war once morest Ukraine, together the G7 will announce that we will ban the import of Russian gold, a major export that generates tens of billions of dollars for Russia".
For his part, British Prime Minister Boris Johnson, who is meeting with leaders of the major industrialized countries in Germany for 3 days, said that "These measures will directly hit the wealthy of Russian power and target the overthrow of a machine Putin warship".
He added in a statement that "Putin is wasting his dwindling resources on this barbaric and futile war. He feeds his ego at the expense of the Ukrainian and Russian peoples".
Johnson confirmed that "We must dry up the sources of funding for the Putin regime. This is what we do with our allies".
Observers and economic experts question the feasibility of this step, considering it more propaganda than a tangible punitive measure that has a painful and practical impact on the country. Russian economy.
They stressed that this decision would cause global gold prices to rise, as happened when sanctions were imposed on the Russian black gold and the resulting significant rises in the prices of oil and its derivatives such as gasoline and diesel around the world, which adds more complexity to the scene of the severe crisis that hits the global economy.
Commenting on this, Masoud Maalouf, a former diplomat and expert on American affairs, said in an interview with Sky News Arabia: "Sanctions, in general, have proven that they do not bring the results that the countries that impose them expect and hope for, as happened with Venezuela For example, or Iraq during the era of Saddam Hussein, of course, as is happening now with Russia".
Biden employs, as Maalouf sees: "Sanctions as a political tool, as he announced the ban on Russian gold even before the start of the summit meeting of the leaders of the Group of Seven countries, and following that the rest of the group’s countries adopted it, and it is often a decision that will not bring the desired result from it, at least in the foreseeable future, especially since Biden himself admitted that the policy of imposing sanctions on Russia will not It pays off quickly, and despite that, it seeks as much as possible to weaken the Russian economic capabilities and strike the sources of financing the war in Ukraine".
He continued: "The ban on Russian gold will not have a direct and strong negative impact on the Russians, especially during the foreseeable months, but in the medium term, the Russian economy may be affected, even partially, because the export of gold is an important and vital sector of its sectors, especially since Britain is the most importer of gold from Russia, which may Moscow is feeling some economic malaise, but it will often only affect Russian peopleThe Russian leadership will not be affected by it, and it will not, therefore, contribute to changing its positions and policies".
The decision is ultimately binding only on the seven countries, as the former diplomat explains, continuing: "It is not possible for these countries to impose sanctions on the rest of the countries that deal with Russia and buy gold from it".
In turn, the Russian researcher and economic expert Lana Badfan says, in an interview with Sky News Arabia: "Most European Union countries do not buy gold bars directly from Russia, which is among the five largest gold-producing countries in the world and ranks as follows, China, Russia, America, Australia and Canada, and the most important countries importing gold from Russia, according to Russian customs data, are primarily Switzerland and the United Kingdom, Where shipments of Russian gold bullion flock, especially towards London, which includes the largest center for gold in the world, while the rest of the European countries do not buy Russian gold in the first place.".
Width: "In addition, the movement of gold is exactly like the movement of oil, and therefore cannot be tracked and controlled, unlike the movement of bank accounts, for example, and so on with the start of Ukrainian crisis The restrictions on the Russian gold sector have begun, and this summit is trying to end this pressure by approving a ban on buying gold from Moscow".
The Russian economic researcher continues: "But in fact, it is not possible to impose a complete and complete ban on Russian gold by various Western and European countries, as a country such as Switzerland, for example, is in dire need of Russian gold, and the majority of European countries lack the presence of large gold reserves and mines, making them able to withstand The repercussions of boycotting Russian gold, and therefore this decision in the best case will be applied only at the level of the G7 countries".
Russia produces regarding 10 percent of the gold mined worldwide each year. Its gold holdings have tripled since it annexed Crimea in 2014.
The planned Russian gold import ban will be the latest in a series of sanctions targeting Moscow since the war in Ukraine began on February 24.
Russia is the second largest gold producer in the world, producing more than 331 tons last year, according to data from the World Gold Council.
But the Russian Finance Ministry revealed that it produced 346.42 tons of gold in 2021, an increase from 2020, when it reached 340.17 tons.
Moscow has between 100 billion and 140 billion dollars in gold reserves, which is approximately 20% of the reserves of the Russian Central Bank, according to official US estimates.
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The British government announced, on Sunday, that it will ban, along with the United States, Canada and Japan, the import of Russian gold, as part of new sanctions once morest Moscow in response to the military operation in Ukraine.
The quadripartite decision came on the first day of the G7 summit hosted by the German capital, Berlin, to discuss strategies to secure energy supplies and tackle inflation.
In this context, the President of the United States announced Of the bygonesOn Sunday, his country and the Group of Seven countries will ban the import of Russian gold, which is the second largest Russian export following energy, through a tweet on Twitter, in which it stated: “I have imposed United State Unprecedented costs for Putin to deprive him of the revenue he needs to finance his war once morest Ukraine, together the G7 will announce that we will ban the import of Russian gold, a major export that brings tens of billions of dollars to Russia.”
For his part, British Prime Minister Boris Johnson, who is meeting with the leaders of the major industrialized countries in Germany for three days, said that “these measures will directly hit the wealthy of the Russian power and target the overthrow of the regime’s machine.” Putin warlike”.
“Putin is wasting his dwindling resources on this barbaric and futile war. He is feeding his vanity at the expense of the Ukrainian and Russian people,” he added in a statement.
Johnson stressed that “we must dry up the sources of funding for the Putin regime. This is what we are doing with our allies.”
Observers and economic experts question the feasibility of this step, considering it more propaganda than a tangible punitive measure that has a painful and practical impact on the country. Russian economy.
They stressed that this decision would cause global gold prices to rise, as happened when sanctions were imposed on the Russian black gold and the resulting significant rises in the prices of oil and its derivatives such as gasoline and diesel around the world, which adds more complexity to the scene of the severe crisis that hits the global economy.
Commenting on this, Masoud Maalouf, a former diplomat and expert on American affairs, said in an interview with Sky News Arabia: “The sanctions, in general, have proven that they do not bring the results that the countries that impose them expect and hope for, as happened with Venezuela For example, or Iraq under Saddam Hussein, and of course as is happening now with Russia.”
Biden employs, according to Maalouf: “sanctions as a political tool, as he announced the ban on Russian gold even before the start of the summit meeting of the leaders of the Group of Seven countries, and following that the rest of the group’s countries adopted it, and it is often a decision that will not bring the desired result from it at least in the foreseeable future, especially since Biden himself I acknowledge that the policy of imposing sanctions on Russia will not bear fruit quickly, and despite that, he seeks as much as possible to weaken the Russian economic capabilities and strike the sources of financing the war in Ukraine.”
He continued: “The ban on Russian gold will not have a direct and strong negative impact on the Russians, especially during the foreseeable months, but in the medium term, the Russian economy may be affected, even partially, because the export of gold is an important and vital sector of its sectors, especially since Britain is the most importer of gold from Russia. Moscow may feel some economic malaise, but it will often only affect the Russian peopleThe Russian leadership will not be affected by it, and it will not, therefore, contribute to changing its positions and policies.”
In the end, the decision is binding only for the seven countries, as the former diplomat explains, adding: “It is not possible for these countries to impose sanctions on the rest of the countries that deal with Russia and buy gold from it.”
In turn, Russian researcher and economic expert Lana Badfan says, in an interview with Sky News Arabia: “Most European Union countries do not buy gold bars directly from Russia, which is among the five largest gold-producing countries in the world and ranked as follows, China, Russia, America, Australia and Canada, and the most important The countries that import the most gold from Russia, according to Russian customs data, are primarily Switzerland and the United Kingdom, where shipments of Russian gold bullion flock, especially towards London, which includes the largest gold center in the world, while the rest of the European countries do not buy Russian gold in the first place.
And she added: “In addition, the movement of gold is exactly like the movement of oil, and therefore it cannot be tracked and controlled, unlike the movement of bank accounts, for example, and so on. Ukrainian crisis The restriction on the Russian gold sector has begun, and this summit is trying to end this pressure by approving a ban on buying gold from Moscow.”
However, the Russian economic researcher adds: “But in fact, it is not possible to impose a complete and complete ban on Russian gold by various Western and European countries, as a country like Switzerland, for example, is in dire need of Russian gold, and the majority of European countries lack the presence of mines and large reserve stocks of gold. Gold, makes it able to bear the repercussions of boycotting Russian gold, and therefore this decision in the best case will be applied only at the level of the G7 countries.”
Russia produces regarding 10 percent of the gold mined worldwide each year. Its gold holdings have tripled since it annexed Crimea in 2014.
The planned Russian gold import ban will be the latest in a series of sanctions targeting Moscow since the war in Ukraine began on February 24.
Russia is the second largest gold producer in the world, producing more than 331 tons last year, according to data from the World Gold Council.
But the Russian Finance Ministry revealed that it produced 346.42 tons of gold in 2021, an increase from 2020, when it reached 340.17 tons.
Moscow has between 100 billion and 140 billion dollars in gold reserves, which is approximately 20% of the reserves of the Russian Central Bank, according to official US estimates.
