The G7 countries and the European Union will impose sanctions on any transaction involving Russia’s gold reserves to prevent Moscow from circumventing Russia’s financial isolation measures, the White House said.
“It is clear that any transaction involving gold in connection with Russia’s central bank is covered by the sanctions,” the White House said in a statement. of the G7 and the European Union.
A senior US official explained: “We want to rule out any possibility for Russia to use its gold to support its currency,” the ruble said.
He told reporters that Moscow had “significant” gold reserves and that the precious metal accounted for 20% of Russia’s total reserves.
The same source assured that the G7 countries are “united” in the position that “international organizations and multinational institutions should not continue their activities with Russia as if nothing is happening.”
These statements should be placed in the context of the heated debate over whether or not Vladimir Putin should attend the next G20 summit in Indonesia, a format that includes Western powers and the largest emerging economies.
China, for example, has already stated that Putin’s position at the summit, despite proposals to exclude him.
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