The G7 failed to make final decision on Russian gold imports

European Council President Charles Michel and German Chancellor Olaf Scholz said at the G7 summit that the issue of a ban on Russian gold imports should be discussed further.
"A move by Britain, the United States, Japan and Canada to ban new imports of Russian gold is being seen as largely symbolic within the global gold market as Russian exports to the West have already dried up," said Reuters noting that Russia, being one of the world’s largest gold producers, along with China and Australia, has practically stopped exporting this precious metal to the West since February 24.
According to the agency, Russian gold is bought by the country's central bank and domestic investors, as well as by buyers in Asia, where most countries have not imposed any sanctions against Russia. Carsten Menke, an analyst at the Swiss bank Julius Baer, has expressed the same view pointing out that Russia has redirected its gold exports eastwards and the impact of the G7 countries' ban on Russian gold is very limited.