Here Is Why the G7 Ban on Russian Gold Is a Game-Changer, Even for Bitcoiners.

This ban brings us closer to the scenario long anticipated by gold bugs.

More than 120 days after the beginning of the war in Ukraine, the Western world continues to announce as soon as possible new sanctions against Vladimir Putin's Russia. Sanctions whose relevance is questionable until now, since it has not yet made Putin back down. On the contrary, one could even have the impression that the West, and in particular the Europeans, are sanctioning themselves a little more each time.

During the G7 summit held in Germany at the end of June 2022, the richest countries in the world announced a ban on gold imports from Russia. This is in addition to all the other sanctions taken against Russia so far.

The first thing that strikes you is that once again the developed nations are trying to weaponize gold, just as they weaponize currencies in general. For example, at the beginning of the war in Ukraine, America chose to freeze all of Russia's US dollar assets. The war chest of more than 400 billion dollars accumulated by Putin's Russia for several years was suddenly blocked.

This was an event since it meant that the US dollar was no longer a risk-off currency. Some were therefore announcing the imminent emergence of a Bretton Woods III, backed by outside money. For the moment, we are not there yet, and the US dollar continues to be the undisputed king at the global level. The dollar is even stronger than ever after the first 120 days of the war in Ukraine for at least 3 main reasons as explained here :

3 Reasons Why the U.S. Dollar Is Once Again the Undisputed King in 2022.

With that said, let's get back to this G7 decision to ban Russian gold. Even if you are a Bitcoiner like me, you should take a deeper look at what this could mean for the months and years to come.