The United Kingdom, the United States, Japan and Canada will lead the G7 countries to ban gold imports from Russia.

New Russian gold exports will no longer be allowed to enter the four countries, as tough new measures were put in place to increase pressure on the Kremlin amid their military aggression in Ukraine.

Gold is Russia's largest non-energy export, worth 15 billion euros to the country's economy.

Import restrictions in the UK will now apply to over € 16 billion in Russian exports.

"The measures we have announced will directly hit the Russian oligarchs and will hit the heart of Vladimir Putin's war machine.

He is wasting his resources on this pointless and barbaric war.

Putin is financing his ego at the expense of the Ukrainian and Russian people.

We must give suffering to the Putin regime.

"Great Britain and our allies are doing just that," said British Prime Minister Boris Johnson, referring to the new measures.

The restriction will take effect soon and will apply to freshly extracted or refined gold.

This will not affect gold of Russian origin that has previously been exported from the country.

/ Telegraphy /