City Of London
Gold Rises as Some G-7 Nations to Ban New Imports From Russia
- US, UK, Japan and Canada to pledge move at summit in Germany
- US, European markets already mostly closed under sanctions
A worker removes gold ingots from molds at a metals plant in Kasimov, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
The US, UK, Japan and Canada plan to announce a ban on new gold imports from Russia during a summit of Group of Seven leaders that’s getting underway Sunday. Prices of the precious metal climbed Monday.
Underpinned by London’s central role in the gold trade, “this measure will have global reach, shutting the commodity out of formal international markets” and delivering a “huge impact” on President Vladimir Putin’s ability to raise funds, the UK government said in a statement.