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The UK, the US, Japan and Canada plan to announce a ban on new gold imports from Russia during a summit of Group of Seven leaders that’s getting underway Sunday.

U.S. and its allies have been searching for more and creative ways to punish Russia for the Ukraine war that recently entered its fifth month.

Pledge to mark total severance between Russia and top trading centers London, New York

The UK, US, Japan and Canada plan to announce a ban on new gold imports from Russia during a summit of G7 leaders that began yesterday. Underpinned by London’s central role in the gold trade, “this measure will have global reach, shutting the commodity out of formal international markets” and delivering a “huge impact” on Russian President Vladimir Putin’s ability to raise funds, the British government said in a statement. Shipments between Russia and London have collapsed to almost zero since Western countries imposed sanctions on Russia over its invasion of Ukraine. The London B...

Gold's steepest price drop since spring last year saw bullion investing jump in May, reaching the most positive level in almost 12 months ...