Since Russia has a huge stockpile of gold and diamonds, there has been lots of concern whether it will start selling its gold to finance the war effort.
At the 48th annual G-7 summit, United States along with other members of G-7, announced a collective ban on the import of Russian gold.
Russia is the world’s second largest gold producer.
The group G-7 includes United States, Canada, France, Germany, Italy, Japan and the United Kingdom.
As with diamonds, gold that is ‘substantially transformed’ in another country is currently exempt from the export ban.
Considering the amount of gold that comes through Italy, it definitely helps that the entire G-7 is on board.
The new ban is mostly aimed at imports of raw gold of known Russian origin, as well as direct dealings with Russian gold companies.
It is advised that jewelers and manufacturers talk to any overseas suppliers and have them commit to not selling any Russian gold or products known to contain Russian gold.