August 15, 2022

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The United States, the United Kingdom, Canada and Japan are all set to ban gold production to stifle Russia’s economy (A. Puccio).

Leaders of the United States, the United Kingdom, Canada and Japan may propose a ban on Russian gold at the G7 summit in a series of attempts to stifle Russia’s economy. In this sense, US Secretary of State Anthony Blinken announced that the move would cut off Russia’s $ 19 billion budget.
Gold is “Russia’s second most profitable export after energy,” Blinken told CNN reporter Jack Tapper. “It’s about $ 19 billion a year, most of which comes from the G7 countries.

According to Anthony Plinken, gold exports represent the second-largest entity after energy to the Kremlin’s treasury, but according to Russian sources, food exports represent the second item in the budget, accounting for about 37 billion annual exports. Charles Michael, chairman of the European Council, said on Sunday that if the gold embargo actually represented a ban, it was unclear whether other G7 nations would join the ban, as the EU said on Sunday that it would have to consider the new embargo before joining the new embargo. Russia and not the countries that use it.

Topper recalled in his interview with the US Secretary of State that although US and UK leaders had said that Western sanctions against Russia would destroy its economy, “this does not seem to be happening.” “Everything we have done from the beginning, with the imposition of these unprecedented sanctions and export restrictions, has a profound effect on Russia,” Blinken replied, adding that Moscow could not “get what it needs to modernize its defense sector and modernize its technology. He went on to say that the Russian economy would decline by 8 to 15 percent this year, confirming Joe Biden’s announcement in early June, but quoting the same forecast.

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The fact is that sanctions at this time have had a devastating impact on the economies that have used them. This does not mean that Russia is not affected, but that we seem to have the greatest suffering.
Meanwhile, Serbian President Alexander Vuிக்i said his country had returned all its gold reserves to its homeland. The example of Russia, where Western countries have frozen about $ 300 billion in foreign accounts as part of sanctions against military action in Ukraine, shows that gold and foreign exchange reserves must be kept at the same time. “Within national boundaries,” said the Serbian president.
According to the National Bank of Serbia, the state’s gold reserves are about $ 1.9 billion, equivalent to 37.3 tons and will be brought into the country in 2021.

Andrea Puccio – www.occhisulmondo.info