U.S. Blocks Gold Imports From Russia In Latest Round Of Sanctions

A gold Russian rouble bullion coin is seen in this photo illustration taken in Moscow. © Reuters/MAXIM SHEMETOV  

CNBC: U.S. blocks gold imports from Russia in latest round of sanctions targeting ‘Putin’s brutal war’ 

* The Treasury Department on Tuesday announced that the U.S. and a handful of key economic allies will prohibit imports of Russian gold. 

* The United Kingdom, Canada, and Japan are joining in the U.S. effort to ban gold imports from Russia. 

* The expanded sanctions represent the latest effort by the U.S. and its Group of Seven partners to target Russian President Vladimir Putin and the Russian economy. 

The Treasury Department on Tuesday announced that the U.S. and a handful of key economic allies will prohibit imports of Russian gold, Moscow’s largest export outside of the energy sector. 

The expanded sanctions represent the latest effort by the U.S. and its Group of Seven partners to target Russian President Vladimir Putin and alienate the country’s economy from international commerce and payments systems. 

The United Kingdom, Canada, and Japan are joining in the U.S. effort to ban gold imports from Russia.  

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Update: US unveils new Russia sanctions, implements ban on new imports of Russian gold (CNN).  

WNU Editor: To the best of my knowledge, the U.S. does not buy significant quantities of Russian gold. Even before the war. 

The UK has been the main importer of Russian gold, but this all ended when the war started in February. 

Bottom line. This gold import ban is just a symbolic move.

Update: Factbox: Western ban on Russian gold imports is largely symbolic (Reuters).