Ban on New Gold Imports From Russia Seen as ‘Largely Symbolic’

The US, UK, Japan and Canada plan to announce the ban during the G-7 summit that started Sunday in Germany. While the UK government said over the weekend that “this measure will have global reach, shutting the commodity out of formal international markets,” analysts played down the potential impacts as the London Bullion Market Association, which sets standards for that market, removed Russian gold refiners from its accredited list in March.