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UK extends ban on Russian gold imports

Europe / Russia

The supply of gold processed in third countries and containing gold from Russia is now prohibited, as well as the import of gold jewelry, expanding the sanctions adopted on July 21 this year.

UK extends ban on Russian gold imports

The UK has banned the supply of gold processed in third countries and containing gold from Russia, as well as the import of gold jewelry, according to a document published on the website of the British government.

"Extension of the existing ban on the import and purchase gold and related additional services will apply to gold processed in a third country and including gold originating in Russia, and to gold jewelry,” the document says.

The exception for jewelry is import and export for personal use, the website notes.

According to the World Gold Council (WGC), global demand for gold in the third quarter of 2022 increased by 28% compared to the same period last year - up to 1181 tons, against the backdrop of an increase in jewelry demand, as well as record demand from central banks.

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