The measure was to be announced this weekend. Bloomberg says it has the most important measures but not the entire agreement.
It is the next sanction in a row, in an attempt to drain the sources of income for President Putin and his Russian war chest in Ukraine.
From Tuesday, under this agreement, the US would no longer allow gold from Russia or Russian sources. Other G7 countries would announce similar agreements.
Last week another consignment of gold from Russia came to Switzerland from the United Kingdom. That involved three tons of gold, worth $200 million, according to Swiss customs.
Switzerland is home to the four largest smelters, which account for three quarters of the world’s production of gold bars. A certificate from the smelters is an international standard for quality and origin.
Boycott
Gold from Russia has been banned from European trade in recent months. Much gold is melted in Switzerland. Smelters were still allowed to import Russian gold if offered before March 7. Gold companies argued that they were not allowed to do so.
Still, three tons of gold entered the country for processing in May, according to Swiss customs. That was the first shipment since February. In March, however, the Swiss refused to accept another batch of Russian gold.
“All gold bars produced by Russian smelters after March 7 may no longer be traded in Switzerland,” they have jointly stated. If traders have proof that the gold was mined or processed before March 7, the Swiss smelters were allowed to process it in their furnaces.
