Canada To Ban Russian Gold Imports

Canada is joining the U.S., Japan, and the United Kingdom in banning imports of Russian gold.

The move to ban Russian gold imports is part of a new round of economic sanctions imposed
on Russia over its invasion of Ukraine.

The ban applies to newly mined or refined gold, according to a statement issued as leaders
from the Group of Seven (G7) leading industrialized nations gathered for a meeting in Germany
over the weekend.

The ban does not apply to previously exported Russian gold.

Russian gold exports were worth $15 billion U.S. in 2021 before the war in Ukraine began, and
wealthy Russians have been buying gold in recent months to reduce the financial impact of
economic sanctions.

"The measures we have announced today will directly hit Russian oligarchs and strike at the
heart of Putin's war machine," British Prime Minister Boris Johnson said in the written
statement.

The price of gold is currently trading at $1,837 U.S. an ounce, up1.5% year to date.