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UK, U.S., Japan and Canada to ban Russia gold imports

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Russia's doing fine. Can't say the same about the west.

And Boris, when your country is on strike, and people are out protesting about price rises, you don't go to the Ukraine for photo ops. This excuse of a man is an absolute disgrace. He needs to realize he is no longer the clown of his class at Eton.

-5 ( +15 / -20 )

Why Japan?

2 ( +12 / -10 )

Russian gold exports were worth 12.6 billion pounds ($15.45 billion) last year

Or about the same amount the EU pays Russia for its gas in about a week, every week.

Just like oil, the cut in supply will push up the price so Russia will not be bothered in the slightest as China and India will buy at a discount.

But at least Boris can look as if he is doing something.

0 ( +13 / -13 )

Gold is the best storage of wealth. It is great to take Russia's gold. How foolish.

-2 ( +8 / -10 )

The ban will come into force shortly and apply to newly mined or refined gold

by the time all gold stock is sold, this 'newly mined' gold is no longer 'newly mined, which means gold sales continues as usual,

-9 ( +1 / -10 )

yes, foolish indeed. China and India will be pleased. Does it need another proof to show the incompetence of some Western leaders.

-1 ( +9 / -10 )

Always happens “later” and with “exceptions”.

-1 ( +4 / -5 )

Well, another childish, useless and pathetic mové for US and its pet nursery..

More gold for China and BRICS..

4 ( +10 / -6 )

Wow more useless sanctions that will end up hurting us more than Russia.

I know I repeat myself but facts are facts.

Did sanctions work on North Korea? No!

Did sanctions work on Cuba? No.

Did Sanctions work on Iran? No.

But we are to believe that Nealy 100% self-sufficient Russia will collapse under sanctions.

Really?!

Well here goes and sanction that will cost us more than hurt Russia.

Gold is needed for the manufacturer of many upper end electronics and electrical components.

So now western countries will pay more for " non Russian" meanwhile China and India will buy cheaper Russian gold, make lower price parts and sell them to use at higher prices with the Russian gold inside and there will be nothing anyone can do about it unless you ban all Chinese and Indian products, good luck trying to do that.

-2 ( +8 / -10 )

Russian gold exports were worth 12.6 billion pounds ($15.45 billion) last year

Interesting way of writing!

Well a little research I found that the UK was the largest buyer of Russian gold and buys over 90% of Russian exports of gold.

But here is my problem, articles written before the fighting state that UKs gold imports from Russia was $ 5.3 billion now the number is $15 billion here $18 billion on other sites ( all for 2020 and 21) .

So it is confusing, in 2020 Russia says it exported $5.3 billion to the UK which was 93% of total exports, (article was written published 2 years ago.

Now all these new recent articles are saying $15 to 18 billion in 2020 exported.

How did the official export figures go from $5.3 billion (remember figures published nearly 2 years ago) to the now $15 to $ 18 billion the news is claiming?

-2 ( +5 / -7 )

These sanctions have begun to make no sense. You are not hurting Russia, you are self hurting.

Because you are incompetent in your opponents view, they may take even bolder moves!

1 ( +7 / -6 )

So other countries will buy it , the Russians do not care . The sanctions do not work …

1 ( +6 / -5 )

Google "sanctions don't work" articles from publications ranging From hard left to hard right all saying basically they don't work and are nothing but hurting ourselves more than the target countries.

Publications like the Guardian, Times, vox, newyorker, etc...

The few publications or so-called experts that say they do are basically admitting that we have to be read for the "long game" possibly multiple decades.

Seriously decades! Did that work with Cuba (over 5 decades now), did it work with Iran? ( 40 years more or less under some form of sanctions since 1979)

And the best for last North Korea!

How long have sanctions, boycotts blockades, etc.. been going on and it is still there still building nukes and missiles!

Yep sanctions do work, possibly in some fantasy movie but not in the real world.

-1 ( +6 / -7 )

The top 5 importers of gold in order from highest to lowest in 2021 were Switzerland, India, UK, China and HK.

This will mean lower prices of gold for China and India to import. Indian housewives will be the happiest, and since gold has a special significance in Hindu culture, so will be the Hindu temples all over India to whom devout Hindus donate gold.

-1 ( +4 / -5 )

This is pure stupidity, these sanctions increases nothing but inflation, at this point I don’t know who is actually receiving the sanction, Japan where yen is at 24 yr low or Russia where rubble is at historical high because money only flows in but not out of Russia?

0 ( +4 / -4 )

And then folks who know nothing about India express surprise why India is not siding with the West over Russia inspite of being a democracy?

Probably these folks are not aware of the importance of gold in Hindu culture. Just like they were not aware of the special India-Russia ties and expected India to tag along with unilateral sanctions.

The US will again try to arm twist India by sending over some Indian-American from the Biden administration to talk down to Indians. They do not realise that India has seen enough of these ‘coconuts’ talking in an American accent who look down on the country their parents or grandparents were from.

-1 ( +2 / -3 )

The US will again try to arm twist India by sending over some Indian-American from the Biden administration to talk down to Indians.

Yeah Canada already tried that.

With 1.38 billion people to feed, house and clothe, most making a median yearly income of $1,350. I highly doubt India, the Indian government or the Indian people care two bits about what is going on in Ukraine.

As one Indian news commentator said:

" It is none of our business or concern, the British dragged us into 2 world wars started in Europe, we are not going to do it again"

-1 ( +3 / -4 )

The missing element here is the Chinese government now a direct ideological partner of Putin Russian dictatorship, the repression, both authoritarian despot regimes opposed to any resemblance of basic human rights.

The Chinese government will waste no time undermining free world sanctions. gold or otherwise.

That is until the coming NATO summit in Madrid

NATO 2022 Strategic Concept

https://www.nato.int/strategic-concept/

Focused on a major rebalancing frame work, to quote....

Jens Stoltenberg, the 30 leaders in the military bloc will "address China and the consequences for our security" at the Madrid summit. "I expect that allies will state that China poses some challenges to our values, to our interests or to our security. And this, of course, has an impact also on how NATO should react in a more competitive world,"

There is still time to take action, and finally stand toe to toe with these despots. No quarter.

0 ( +2 / -2 )

More and more divesting from doing business with Russia. As more ways are found, they will be used to increase sanctions on Russian business and the Russian state. It all adds up and while China can buy some of what Russia sells it can not buy everything. Russia must sell for a lot less, getting less income from goods it would otherwise get normal premium prices for.

Russia gets less access to quality goods that it cant produce itself and cheap Chinese knock offs damage more easily and break much more often making Russian good produced using them less capable. Russia will slowly spiral downwards with less options and less partners, putting more eggs in the China basket until it overflows and has no options left.

Sanctions keep dangerous nations from having more options and an easier time in tyrannical rule and planning oppression against others. They certainly worked against South African apartheid.

Russia is a pariah state with an evil rouge regime that will only continue to damage life for ordinary Russians and for those it targets like Ukraine.

-1 ( +2 / -3 )

This will increase the price of Russian gold that will be fenced through China and the Middle East.

The West really is rubbish at this. All of their sanctions are backfiring and damaging their own nations. Even a Russian default, because sanctions block payments, will hurt those who would have been paid, the most.

Instead of the TV celeb thing, Zelensky should have sent snipers and bombers to Moscow in week one, targeting Putin and the Russian parliament. How may millions of lives would have been saved in WWII if Hitler and the German parliament had been taken out at the very start? But why learn from history when you can repeat your mistakes.

Putin must be laughing at the weak, dim-witted and self-harming response of the West to this.

-2 ( +2 / -4 )

Sanctions keep dangerous nations from having more options and an easier time in tyrannical rule and planning oppression against others.

Really?

I guess North Korea doesn't have nukes, Right?

Cuba has collapsed.

Iran has conformed to the nuclear regulatory commission, right?

Lest see!

USA wasn't buying Russian gold, Canada is an exporter of gold, so nope, Japan wasn't buying Russian gold, so no change there.

UK had a deal to buy most of Russia's gold, so now the Swiss are jumping in to take advantage, India and China have been trying to buy more for years but the UK deal prevented that.

Now you and I will be buying Russian gold anyway because it will be in just about everything you buy made in China, India, etc...

Your smartphone, laptop, etc..

This is the real world not some fantasy.

Sanctions don't work and the only time you could say they helped was South Africa, but how long did it take? First of many started in 1964, actually sanctions on arms and other goods 1977, full on sanctions 1980s until the mid 1990s when apartheid ended.

So depending on where and what sanctions you count the minimum time sanctions took was 10 years but reality is it took 30 years.

So again tell us again about sanctions working.

Sorry you don't like the facts but the:

"Why use facts when I can use my feelings as facts"

Just doesnt work.

Head in sand saying sanctions work will not make it true or factual.

Again

North Korea

Venezuela

Iran

Cuba.

Fail

Fail

Fail

Fail

-2 ( +3 / -5 )

itsonlyrocknroll

Today 09:34 pm JST

Still trying to drum up support for WW3 I see.

-4 ( +1 / -5 )

except Russia, countries want WW3.

stop to pay taxes you are financing this WAR!

-1 ( +0 / -1 )

Antiquesaving

If I ever came close to drumming up support or waking up one morning thinking nice day for WW3.

I would call the barmy bus, and book myself a vacant padded cell.

There are, on contrary two global tyrants that have threaten on numerous occasions, WW3 global Armageddon.

Should these two any sign of weakness, both won't hesitate to take full advantage..

1 ( +1 / -0 )

But we are to believe that Nealy 100% self-sufficient Russia will collapse under sanctions.

Implied in the messages from posters claiming that sanctions do not work, because Russia according to some measures might be better off economically is that invasions and wars do work - at least economically for the ruling caste, they are warmongers, little different from the hawks in the western powers they claim to disdain. Meet the new boss, probably worse than the old ones. Warmongers present and past have cared little about the people hurt by war, they only care about their ruler's and their ruling caste's ability to maintain their wealth and power.

0 ( +0 / -0 )

Gold is fungible, because it can be melted and all trace of its origin removed.

That means that a trader from China or Belarus could buy Russian gold at a discount and then resell to a trader in the UK at a higher price.

This is call arbitrage.

0 ( +2 / -2 )

Another ridiculous action. Like Russia was anyway exporting to these countries. Russia and Russians want to keep their gold, not sell it to the West.

0 ( +1 / -1 )

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