Gold has risen as some G7 nations have banned new imports from Russia


New Delhi: The US, UK, Japan and Canada plan to announce new bans Gold It is being imported from Russia during the Group of Seven Leaders Summit which is starting on Sunday. Precious metal prices rose on Monday.
Supported by London’s central role in the gold trade, the move would “have a global reach, push commodities out of formal international markets” and have a “huge impact” on President Vladimir Putin’s ability to raise funds, the UK government said in a statement. .
Shipments between Russia and London have been almost nil as Western countries have imposed sanctions on Russia for its invasion of Ukraine. The London Bullion Market Association, which sets standards for that market, removed Russian gold refiners from its recognized list in March.
“What this does is formalize what the gold industry has already done,” said Adrian Ashe, head of research at brokerage BullionVault.
The measure will apply to gold for the first time since leaving Russia, and the Treasury Department will issue a U.S. embargo on Tuesday, according to a person familiar with the plan. An executive order signed by President Joe Biden on April 15 barred U.S. individuals from engaging in gold-related transactions with Russia’s central bank, the country’s National Wealth Fund and its finance ministry.
While Western sanctions to punish Russia have largely shut down European and US markets for gold from the world’s second-largest bullion mine, the G-7 pledge will mark a complete split between Russia and the world’s top two trading centers, London and New York. Other G-7 countries are Germany, France and Italy.
London is one of the most important destinations for Russian precious metals: સો 15 billion worth of Russian gold arrived there last year, accounting for 28% of the UK’s gold imports, according to UN Comtrade data.
While in principle refineries can still directly import Russian gold, most have stopped doing so. The organization for Swiss refiners, which dominates the industry, denied that its members bought gold from Russia after trade figures showed the country’s bullion had entered the country.
Russia’s elites are rushing to buy gold in an effort to avoid the financial impact of the sanctions, which will “directly affect Russian alligators,” UK Prime Minister Boris Jones said in a statement. The import ban, which will take effect soon, will apply to new mining or refined gold, according to the statement.
Other metals such as copper, nickel and palladium continue to flow from Russia as the commodity industry struggles to manage long-standing relationships with the world’s largest supplier of raw materials.
Meanwhile, Russia’s gold industry is looking for new sales options, such as more exports to China and the Middle East, which are not part of the G-7.
In Singapore, spot gold rose 0.4% to 8 1,833.86 an ounce by 6:32 a.m. Monday. Prices have changed slightly this year after reaching record highs in March as demand for shelter property increased due to the war in Europe.

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