London’s New Sanction: Get G7 to Boycott Russian Gold
June 26, 2022 (EIRNS)—The U.K.’s Boris Johnson announced today London’s particular contribution to the G7 anti-Russia coven. The government press release, “U.K. Sanctions Russian Gold Exports,” poses yet another sanction, and in which the U.K. has managed to secure the considered cooperation of the U.S., Canada and Japan in abstaining from the purchase of Russian gold. The stated intention is to fully decouple Russia from the international financial and economic system, and Johnson goes out of his way to emphasize London’s leading role in this insanity.
“New exports of Russian gold will no longer be allowed to be enter [sic] the U.K., Canada, U.S. and Japan thanks to tough new measures to be announced at the G7 Summit starting today [Sunday 26th June] designed ratchet up [sic] the pressure on Putin’s war machine.”
The illiteracy in the government announcement, perhaps even wilder than the Prime Minister’s hair-stylings, add to the impression of increasingly hasty and seat-of-the-pants actions by our Western statesmen.
London’s press release goes on: “London is a major global gold trading hub and U.K. sanctions, which will be the first of their kind to be implemented against Russia anywhere in the world, will have a huge impact on Putin’s ability to raise funds.
“Given’s [sic] London central role in the international gold trade and parallel U.S., Japanese and Canadian action, this measure will have global reach, shutting the commodity out of formal international markets. At the G7, the Prime Minister will urge other leaders to join us to further isolate Russia from the international financial system.” Evidently, the previous steps to isolate Russia—with the expansion of Russia’s trade with China and India, and the strengthening of the ruble—has been missing Johnson’s gold sanction.
So, the PM assured one and all: “We need to starve the Putin regime of its funding. The U.K. and our allies are doing just that.”
In a background briefing today, posted on the White House website, the U.S. senior administration official announced that the U.S. Treasury “will issue a determination to prohibit the import of new gold into the United States on Tuesday, which will further isolate Russia from the global economy by preventing its participation in the gold market.” RT reports that, in April, Washington had barred U.S. individuals from engaging in gold-related transactions with Russia’s Central Bank, National Wealth Fund, and Finance Ministry. So, European and U.S. markets had already been largely prevented from dealing in gold from the world’s second-biggest bullion miner. The planned G7 move is expected to completely de-link Russian gold from London and New York, the world’s top two trading centers. Russia can still sell gold directly to refineries, or sell to China, India, the Middle East and such, as most of the world has not supported the sanctions nor are part of the G7.