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UK expands ban on Russian gold

It is now prohibited to import Russian gold processed in third countries and gold jewelry made in RussiaUK expands ban on Russian gold

UK expands ban on Russian gold

A view of the Krastsvetmet Precious Metals factory, which produces and processes gold and platinum in Krasnoyarsk, Russia, March 10, 2022. © Getty Images / Anadolu Agency

Britain has expanded its ban on the import of Russian gold, according to a document published on the UK government website.

According to the document, the ban targets “gold jewelry originating in Russia where the jewelry was exported from Russia on or after October 29, 2022,” as well as gold processed in third countries that “incorporates gold that on or after July 21, 2022 originated in, or was exported from, Russia.”

The regulation also bans providing “technical assistance, financial services and funds or brokering services” that relate to the import of such gold jewelry or processed gold.

However, according to the document, items meant for personal use or having a special license allowing them entry to the UK will be exempt from the ban. The new expanded regulation will come into force on January 1, 2023.

READ MORE:
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The UK initially imposed a ban on Russian gold imports this summer, along with the US, Japan and Canada, as part of the sanctions the West imposed on Moscow in response to its military operation in Ukraine. The measure originally applied to newly mined and refined gold but did not affect previously exported Russian gold or gold products originating in the country.

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