Blinken estimated the damage to Russia from the G7 ban on gold imports
Blinken: Russia will lose about $19 billion annually from the G7 ban on gold imports The US Secretary of State stressed that the sanctions already imposed on Russia are seriously affecting its economy. Following the summit in Germany, the G7 plans to announce a ban on Russian gold imports were announced by American leader Joe Biden
The losses of the Russian economy from the ban on Russian gold imports by the G7 countries will amount to about $19 billion a year, US Secretary of State Anthony Blinken said in an interview with CNN. “This is the second most profitable export item after energy resources,” — he said.
Russia— one of the world's largest exporters of gold. According to the Ministry of Finance, in 2021, Russian gold mining companies produced 346.4 tons of gold. Of these, 302.2 tons were exported and, according to FCS statistics, brought Moscow $17.4 billion.
The head of the State Department called the effect of the sanctions already imposed against Russia because of the special operation in Ukraine “colossal”. “What we have been doing since the beginning, these unprecedented sanctions and export restrictions are having a significant impact on Russia even with oil revenues amid rising prices. She can't spend this money because of export restrictions,” — Blinken explained. According to him, as a result, over time, Moscow will lose the tools for mobilizing the defense sector, technology and resource extraction. noted the Secretary of State.
On June 25, US President Joe Biden announced that the G7 countries (USA, UK, Germany, Canada, France, Italy and Japan) would announce a ban on Russian gold imports. G7 Summit takes place from 26 to 28 June in Germany. The UK government has indicated that the value of gold for Russian elites has grown in recent months due to demand from big businessmen who are trying to avoid the financial consequences of international sanctions.
The EU said it was ready to consider joining the G7 in ban on the import of Russian gold. The head of the European Council, Charles Michel, stressed that the restrictions should be studied for damage to the EU economy.
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The Russian authorities have repeatedly called the sanctions imposed because of the special operation illegitimate and emphasized the harm of restrictions for those states that impose them.
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