dChan - Q Origins Project Archive

US, Other G-7 Nations to Pledge Ban on New Russian Gold Imports

(Bloomberg) – US President Joe Biden and fellow Group of Seven leaders will agree to announce a ban on new gold imports from Russia, a person familiar with the plan said, the latest sanctions in response to the Russian invasion of Ukraine.

The leaders will reveal the joint pledge at a summit in Germany that begins on Sunday, the person said, speaking on condition of anonymity ahead of a public announcement. The ban will apply to gold leaving Russia for G-7 countries for the first time. The US Treasury Department will issue a ban on Tuesday, prohibiting US imports, the person said.

While Western sanctions to punish Russia have largely closed European and US markets to gold from the world’s second-biggest bullion miner, the G-7 pledge would mark a total severance between Russia and the world’s top two trading centers, London and New York.

London has been one of the most important destinations for Russian precious metals: the $15 billion in Russian gold that arrived there last year made up 28% of UK gold imports, according to UN Comtrade data.

Shipments between Russia and London have collapsed to nearly zero since the invasion of Ukraine. The London Bullion Market Association, which sets standards for the London market, removed Russian gold refineries from its accredited list, a move that was seen as a blacklisting of new bullion from Russia.

An executive order signed by Biden on April 15 explicitly prohibits U.S. persons from engaging in gold-related transactions involving Russia’s central bank, the country’s National Wealth Fund or its finance ministry.

While refineries in theory could still import Russian gold directly, most of have sworn off doing so. The association for Swiss refiners, which dominate the industry, denied that its members bought gold from Russia after trade data indicated the nation’s bullion had entered the country.

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https://ca.news.yahoo.com/us-join-g-7-ban-165131267.html

Swiss customs reviews import of Russian gold in May

ZURICH, June 24 (Reuters) - Swiss customs officials are looking into the import of 3.1 tonnes of Russian gold in May to see whether the deals via Britain might have violated sanctions imposed on Russians over Moscow's invasion of Ukraine, the government said on Friday.

Customs data on Tuesday showed Switzerland imported around $200 million worth of gold from Russia in May, the first imports since the Kremlin sent troops into Ukraine in February.

Switzerland is one of the world's biggest refining and transit centres for gold, and Russia is one of the biggest bullion producers.

The Swiss Federal Office of Customs and Border Security said in a statement it could not for legal reasons say who imported the gold of Russian origin from the United Kingdom.

"Around three tons of gold originating in Russia and worth CHF 194 million ($202 million) were imported from the United Kingdom to Switzerland. The BAZG (Federal Office of Customs and Border Security) is checking the affected imports with regard to the applicable sanctions," the BAZG said in a statement posted on the government's website.

Switzerland has adopted practically all European Union sanctions against Russian companies and individuals.

Importing Russian gold to Switzerland is not prohibited, but the export of gold to Russia is banned.

All bars produced by Russian refineries after March 7, 2022 may no longer be traded in Switzerland. In principle, however, bars produced by Russian refineries before March 7, 2022 can continue to be traded, the office said.

There are basically no restrictions for trading gold in other forms such as jewellery and gold coins.

https://www.nasdaq.com/articles/swiss-customs-reviews-import-of-russian-gold-in-may

>>16515661

No accident, WEF globalists still moving 'Matriculate' the ball downfield as planned.

BRICS developing new global reserve currency – Putin

Sun Online Desk 25th June, 2022 06:40:47 PM

President Vladimir Putin said on Wednesday that the BRICS countries – Brazil, Russia, India, China, and South Africa – are currently working on setting up a new global reserve currency.

“The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” he said at the BRICS business forum.

According to the Russian president, the member states are also developing reliable alternative mechanisms for international payments.

Earlier, the group said it was working on establishing a joint payment network to cut reliance on the Western financial system. The BRICS countries have been also boosting the use of local currencies in mutual trade.

https://www.daily-sun.com/post/628537/BRICS-developing-new-global-reserve-currency-%E2%80%93-Putin