The new exports of gold from Russia is no longer going to be allowed for entering the United Kingdom, United States, Japan and Canada after the strict new measures that are agreed at the G7 summit conducted in Germany and the measures are designed to exert the pressure on Vladimir Putin, president of Russia over the conflict with Ukraine.
Gold has been a major Russian export, which worth 12.6 billion pounds to the economy of Russia in 2021 and the value of gold to the elite of Russia has also been increased in recent months with the oligarchs that have been rushing to purchase gold in an attempt for avoiding the financial impact of the sanctions from the western countries.
Boris Johnson, prime minister of the United Kingdom said, the new measures, which they have announced are directly going to be hitting the oligarchs of Russia and will also strike at the heart of the war machine of Vladimir Putin.
Vladimir Putin has been squandering the dwindling resources on the pointless war and he has also been adding his ego at the expense of both the Russian and Ukrainian people and Boris Johnson also said that, they need to starve the regime of Vladimir Putin of its funding and the United Kingdom along with their allies are just doing that.
With this new import ban on the gold of Russia, more than 13.5 billion pounds of their imports from Russia is going to be covered by the restrictions.
