This year's G7 leaders' summit was held in Germany. The theme of the meeting was "Support Ukraine and fight against Russia." On the first day of the
Leaders' Summit, the G7 wanted to show "determination." Biden announced that G7 countries will ban the import of gold from Russia. On the second and third days, the summit focused on how to further restrict Russian energy exports and discussed the proposal to limit Russian oil prices proposed by the Biden administration in the United States.
G7 countries ban the import of gold from Russia, which shows that it is really domineering. But in reality, this has no impact on Russia at all.
London and New York are the world's largest gold trading centers. In 2021, nearly 90% of Russia's gold production was shipped to London, with a transaction volume of US$15 billion.
Biden said on Twitter: "The United States has made Putin pay an unprecedented price by preventing him from obtaining the funds needed for the war with Ukraine." The Group of Seven jointly announced that we will ban the import of Russian gold , gold exports bring tens of billions of dollars in revenue to Russia."
However, in fact, the London Gold Market Association has long removed the Russian gold refinery from the trading list. After the Russia-Ukraine conflict broke out, Russia almost never shipped gold to London. Previously, US President Biden also signed an executive order that explicitly prohibited Americans from engaging in gold transactions related to the Russian Central Bank, the National Wealth Fund, or the Treasury Department.
In other words, Biden promoted sanctions on Russian gold on Twitter, but they had actually implemented them as early as the early days of the Russia-Ukraine conflict. Biden is just repeating what he did a few months ago.
In addition, the conflict between Russia and Ukraine is actually a game between Russia and the United States and the West. Russia's strategic advantage is that it has food, oil and natural gas. At the same time, Russia, which has become the world's largest gold producer in 2021, still has a lot of gold on hand.
We all know that gold has always been the natural currency of human civilization. The more political and economic turmoil the era is, the stronger the purchasing power of gold is. Nowadays, energy prices are soaring and the purchasing power of banknotes is declining due to inflation. The G7 announced a ban on the import of Russian gold. I am afraid this is not sanctioning Russia. On the contrary, the G7's move is more like inserting three swords into itself to help Russia establish a greater strategic advantage. .
Finally, is it really true that Russian gold cannot be sold? Let’s not talk about India, a big importer of gold. Let’s just look at what the West does.
According to reports from Bloomberg in the United States, after a two-month interruption, Russia exported 3 tons of gold to Switzerland in May. When it was shipped to Switzerland, the whereabouts of the gold were unknown and disappeared without a trace. Where did this Russian gold go? This batch of Russian gold was registered by Swiss customs as "for refining or other processing," indicating that a refinery in the country received the gold. However, Switzerland's four major refineries all deny it.
Says one thing and does another. His mouth is full of doctrines, and his heart is all about business.
As funny as banning gold imports from Russia, the G7 leaders' summit in the next two days will discuss the US Biden administration's proposal to impose price limits on Russian oil.
We all know that the largest buyers of Russian oil are China and India, and the United States and most EU countries have banned the import of Russian crude oil. How can the United States and the West restrict Russian oil if they do not buy Russian oil themselves? price?
Let’s take a step back and say that even if the price of Russian oil is really capped by the United States and the West, the only ones who can buy Russian oil at the price limit are China and India; if the United States and most EU countries do not violate the policy of sanctioning Russian energy , they cannot buy Russian oil.
In other words, the United States and the West are likely to slap themselves in the face again. In order to reduce oil prices, the United States and the West plan to relax sanctions on Russia.
Ban Russian gold and limit the price of Russian oil. So far, the two proposals at this year’s G7 summit are quite ridiculous.It not only shows the incompetence of the Biden administration in the United States, but also reflects the decline of G7 Group 's influence on the world.
Finally, let’s recall the themes of the 2021 G7 Leaders Summit. One is Biden’s high-profile announcement of the US version of “One Belt, One Road”, the so-called “B3W Infrastructure Plan for Building a Better World”, which is directed at China; The other is the 2021 G7 Joint Communiqué that slanders and spreads rumors about China and maliciously attacks China.
One year has passed, and there is not even a shadow of the US version of the “One Belt, One Road”. Now that Biden’s polls are so low, it is estimated that the “B3W Infrastructure Plan for Building a Better World” will be stillborn and stay in the PPT stage forever. One year has passed, and now the United States has angered Russia again. While the United States and the West are avoiding direct military conflict with Russia, they are also supporting the bottomless pit of Ukraine, which has led to high inflation and energy crises.
On the one hand, it is the incompetence of the Biden administration in the United States. On the other hand, the West is still following the United States, a country that uses small notes to guide its president who is not in good health, always falls, and gets stuck in speech. The G7 meetings in recent years have no function or effect.
Today’s world is truly undergoing major changes that have not been seen in a century. Our generation will witness the end of Western monism with our own eyes.
