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.
“What this does is formalize what the gold industry has already done anyway,” said Adrian Ash, head of research at brokerage BullionVault.
The London Bullion Market Association, which sets standards for that market, removed Russian gold refineries from its accredited list. Shipments between Russia and London have collapsed to almost zero since the invasion of Ukraine.
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.
An executive order signed by Biden on April 15 explicitly prohibits U.S. persons from engaging…
