The UK, the US, Canada and Japan plan to impose gold imports ban from Russia as part of wider efforts to economically isolate Moscow further in the wake of its invasion of Ukraine.

The move will be announced at the G7 Summit being held in Germany, with the UK expecting it to have a ‘huge impact’ on Russia’s ability to fund the ongoing military war in Ukraine.

This ban, which will apply to refined or newly mined gold, will not affect Russian-origin gold that was already exported from Russia.

UK Prime Minister Boris Johnson said: “The measures we have announced today will directly hit Russian oligarchs and strike at the heart of Putin’s war machine.

“Putin is squandering his dwindling resources on this pointless and barbaric war. He is bankrolling his ego at the expense of both the Ukrainian and Russian people. We need to starve the Putin regime of its funding. The UK and our allies are doing just that.”

Since Russia’s Ukraine offensive, the UK Government announced sanctions on over 1,000 Russian individuals and more than 100 Russian entities. Last year, Russia’s gold export added £12.6bn to its economy.

US President Joe Biden tweeted: “The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine.

“Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia.”

Earlier this year, Reuters reported that Japan plans to ban coal imports from Russia and expel eight diplomats.