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While the ban on imports was in force before this meeting, the summit offered world leaders in the G-7 region and the USA a chance to discuss crucial measures to slow down Russia’s funding of the Russian-Ukraine conflict.
According to senior Biden administration officials, gold is Russia’s second largest import after energy and if the precious metal’s imports were to be restricted, Russia would find it much harder to participate in global markets.
Russia was, until recently, a major player in global gold markets, reaching almost $19 billion or 5% of global gold exports.
The announcement of the ban on Russian gold has had a negligible effect in global markets so far.
Spot gold was up 0.5 per cent to $1,835.58 per ounce and US gold futures were up 0.3 per cent at $1,836.30, according to the Economic Times on Monday.
While Russia may be unable to supply gold, Utopian Global has access to LBMA-certified gold. That’s a purity level of 999.9 parts per thousand.
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