Britain banned trade in Russian gold

Young journalists club

News ID: 56376
Publish Date: 17:18 - 26 March 2022
Saturday, 26 March 2022 (YJC)_ Britain has added a gold embargo on Russia to its list of restrictions on the central bank.

Britain banned trade in Russian goldBritain added a gold embargo on Russia to its list of restrictions on the central bank earlier this month.

The new ban was announced in an updated version of the Sanctions Directive on the UK Government website.

According to the guidelines, the guidelines were updated to clarify the ban on providing financial services for (using) foreign exchange reserves and asset management, which also includes exchanges with gold ... Providing financial services for transactions with the Central Bank of Russia through gold, It is forbidden.

The document, originally released on February 28, explains that British institutions have been barred from doing business with the Bank of England, the Ministry of Finance or the (National) Wealth Fund of Russia. The appendix on gold exchanges was added following concerns about Russia's use of gold to circumvent sanctions.

The US Treasury Department on Thursday posted instructions on its website warning that gold-related exchanges, including those involving Russia, would include sanctions.

These restrictions affect Russia's gold trade in the metal exchange market in Britain and the United States; However, the two countries have not barred Russia from selling its gold to other countries or selling it in other markets for precious metals.

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