G7 opens summit with ban on Russian gold exports. After crude, four G7 powers will ban entry of new Russian gold into their territory. The joint action taken by Britain, Canada, Japan and the United States, "will directly hit Russian oligarchs and strike at the heart of Putin's war machine," said British Prime Minister Boris Johnson. Gold is a major Russian export, worth 15.45 billion dollars to the Russian economy in 2021. Its value to the Russian elite has also increased in recent months with oligarchs rushing to buy gold bullion in an attempt to avoid the financial impact of western sanctions. Watch this report for more details.
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