Having sparked hyperinflation in European gas prices and record energy costs around the globe with their poorly thought out Russian energy sanctions, which have backfired spectacularly, allowing Moscow to reap record energy export profits and China and India to buy oil far below spot prices while leaving US motorists paying record prices for gasoline, on Sunday the Biden admin alongside the G-7 announced that they will ban Russian gold imports to “further impose financial costs on Moscow for its invasion of Ukraine.”
The import ban will apply to gold leaving Russia for G-7 countries for the first time, and will be codified by the US Treasury Department on Tuesday.
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