Russian Gold and the Meaning of BRICS

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The U.S. Treasury Department announced new sanctions targeting Russia’s defense industrial base and said the United States — along with G-7 members: the U.K., Canada and Japan — will ban imports of Russian gold. Russia is the second largest gold mining country in the world.

BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The BRICS mechanism aims to promote peace, security, development and cooperation.

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