The implementation of a ban on the import of Russian gold, which is the second-largest item of income for Russia after energy, will deprive the Kremlin of the opportunity to receive $ 19 billion a year.
Source: US Secretary of State Antony Blinken
“That is the second most lucrative export that Russia has after energy – it’s about $19 billion a year – and most of that is within the G7 countries. So cutting that off, denying access to about $19 billion of revenues a year, that’s significant.”
The Secretary of State noted that the unprecedented sanctions and export controls also had a major impact on Russia.
“Even as it [Russia – Ed.] gets oil revenues with higher prices, it’s unable to spend them because of the export controls. It can’t acquire what it needs to modernize its defense sector, to modernize its technology, to modernize its energy exploration, which means that over time each of these areas is going to go in decline.”
He stressed that the Russian economy is projected to shrink by 8-15% next year. At the same time, the Russian ruble is kept at an artificially high cost, which also depletes the economy. In addition, thousands of companies have already left Russia, and the standard of living of Russians is falling.
See also: US President and G7 leaders agreed to ban gold imports from Russia
