In June 2022, following the Russian invasion of Ukraine, G7 countries including the UK, Canada, US, and Japan introduced new sanctions banning the import of Russian gold, which is Russia’s biggest non-energy export. According to the UK government, Russian oligarchs had rushed to buy gold bullion in an attempt to avoid the financial impact of western sanctions. Given London’s status as a global gold trading hub, these actions aimed to significantly impact Putin’s ability to raise funds and shut Russian gold out of formal international markets.