In 2021 Russian gold imports were worth £12.6bn and the UK, US, Japan and Canada have announced this is now banned.
Downing Street said that since the war started in Ukraine Russian oligarchs rushed to bu gold in an attempt to avoid the impact of Western sanctions.
The British Prime Minister, Boris Johnson confirmed the ban on gold as he arrived at the G7 summit in Bavaria, Germany on Sunday.
The Prime Minister said, “The measures we have announced today will directly hit Russian oligarchs and strike at the heart of Putin’s war machine.
“Putin is squandering his dwindling resources on this pointless and barbaric war.
“He is bankrolling his ego at the expense of both the Ukrainian and Russian people.
“We need to starve the Putin regime of its funding. The UK and our allies are doing just that.”
In the coming weeks legislation will be introduced in Parliament to implement the ban and the prohibition will also apply to newly mined or refined gold.
Chancellor Rishi Sunak said, “Given London’s role at the heart of the global gold trade, this shows the UK will take tough steps to stop the Russian war machine.”
This will not have any impact on gold previously exported from Russia and the restrictions will apply to Russian exports which are worth £13.5bn.