(24 Mar 2022) Group of Seven leaders were on Thursday gathering for an extraordinary summit at the NATO Headquarters in Brussels to discuss the war in Ukraine.
They announced they are restricting the Russian Central Bank’s use of gold in transactions.
Previously, sanctions against Russian elites, the country’s Central Bank and President Vladimir Putin did not impact Russia’s gold stockpile, which Putin has been accumulating for several years.
Russia holds roughly $130 billion in gold reserves, and the Bank of Russia announced Feb. 28 that it would resume the purchase of gold on the domestic precious metals market.
The G-7 and the European Union also announced a new effort to share information and coordinate responses to prevent Russia from evading the impact of sanctions that western nations have levied since the Feb. 24 invasion.
Four weeks into the deadly Russian onslaught, its forces appear to have stalled in many places in the face of fiercer-than-expected Ukrainian resistance.
That's provided the West's NATO allies time to meet in Brussels on how to make Russia's offensive as painful as possible for Putin - without triggering a nuclear war.

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