Senior Biden administration officials said gold is Moscow’s second largest export after energy, and that banning imports would make it more difficult for Russia to participate in global markets. The officials spoke on condition of anonymity to discuss details before the announcement.British Prime Minister Boris Johnson said the ban on Russian gold will “directly hit Russian oligarchs and strike at the heart of Putin’s war machine,” a reference to Russian President Vladimir Putin.
There will always be some country willing to buy Russian (or anybody else) gold. Given the long running deficits and mismanagement the American government has enjoyed this is sort of like shooting yourself in the foot. They’ll just buy it on the down low. I’m not smart enough to understand it, but it may even increase the price. That’ll show ‘em!