The introduction of a ban on gold imports will not lead to any significant consequences for the Russian economy. This was announced on Sunday, June 25, by candidate of economic sciences Mikhail Belyaev.
“We need to understand that Biden understood where to strike. But he, as always, will have to pass by, ”said Belyaev in an interview with RT.
He stressed that he could impose a ban on gold imports, but only in the G7 countries.
The expert also stated that gold is a specific export commodity for Russia.
“I must say that more than 60% of all gold consumption in the world is in the jewelry industry. Central banks consume about 10% to form their gold and foreign exchange reserves… But in the jewelry industry, the main consumers of gold now are India, China and the Arab countries of the Middle East. The United States, of course, is also a consumer, but not the main one. How Biden is going to ban the acquisition of gold by China and India is a big question,” Belyaev added.
Earlier in the day it was reported that the UK, US, Canada and Japan intend to ban the import of gold from Russia. It is noted that the restrictions will come into force in the near future. At the same time, the ban on the import of gold from the Russian Federation will not affect the already purchased – only the newly mined and processed.
Also on that day, the media reported that US President Joe Biden confirmed that the G7 countries would refuse to buy Russian gold.
Western countries began to tighten sanctions against Russia in response to a special operation to protect the civilian population of Donbass, which began on February 24.
For more up-to-date videos and details about the situation in Donbass, watch the Izvestia TV channel.