The Group of Seven nations, a bloc of the world’s wealthiest states, plans to impose a ban on imports of Russian gold, US President Joe Biden said in a tweet on June 26. Gold “is a major export that rakes in tens of billions of dollars for Russia,” he said on Twitter. The US and other western nations, notably those in the EU, have been trying to squeeze possible streams of revenue for the Kremlin, particularly in energy and commodities, after Russian leader Vladimir Putin invaded Ukraine. Last year, Russia produced 333.4 mt, the second largest gold mining country after China with its 370 mt output. Russia increased gold mine production by 0.7% from 2021 and accounted for 11% of the world’s total, estimated at 3,000 mt. Russia’s 10 largest gold miners together produced 208 mt providing 62.5% of the country’s total gold volume, according to IGT . Back […]