Japan Decided to Ban Shipments of Gold to Russia

SEATTLE (Scrap Monster): Japan announced its decision to ban shipments of precious metals including gold to Russia. This is part of sanctions imposed on Russia following its invasion of Ukraine, said the Japanese Ministry of Finance.

The Japanese Prime Minister Fumio Kishida had reiterated its resolve to impose further sanctions against Russia in the recently held G7 summit. The precious metals export ban is in line with that announcement. As per the decision, Japan will ban exports of precious metals such as gold with effect from 5^th April, 2022. The ban will also include other items such as luxury cars, jewellery, cosmetics and liquor.

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Further to implementation of the new rule, shipment of gold from the country to Russia would require pre-approval by the country’s finance minister.

Apart from the above measures, Japan has also announced plans to revoke the most-favoured nation status granted to Russia, which in turn could elevate tariff rate on its imports or even lead to total ban on imports of certain items from Russia. Also, it plans to extend financial regulations on crypto-currency exchanges. It must be noted that the country has already freezed the assets of more than 100 Russian individuals and organizations operating in the country.