This is an extraordinary event. There are 193 countries in the world. Seven of them wish to harm Russia and believe they can do so by refusing to buy Russian gold.
It is hard to see how Russia will be harmed. The G7 may deprive themselves of a commodity that can be used to back their currencies, but 185 countries, or 90% of the world population is under no obligation to do so.
Stupid.
Tidewater News and Opinion Forum 
Gold is probably the mist fungible commodity in the world. You might as well try to embargo Russian air.
The sad thing is that I’m no longer even surprised. Idiotic virtue signaling is the norm for the current regime.
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Anything that makes it even marginally more difficult for Putin to finance his war crimes is worth doing.
It is worth mentioning here that for the first time since the Russian Revolution, Russia has defaulted on its foreign debt. This default is the direct result of NATO sanctions, and it will make it more difficult and more costly for Russia to access international capital. That too is a good thing.
https://www.reuters.com/markets/europe/russia-slides-towards-default-payment-deadline-expires-2022-06-26/
You people can mock President Biden and refer to our government as a “regime” engaged in “virtue signaling” until you turn blue, but the value being defended is an important one and it applies to individuals and to countries – crime should not go unpunished.
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RE: “It is worth mentioning here that for the first time since the Russian Revolution, Russia has defaulted on its foreign debt.”
Not exactly. If you read your own source carefully you should notice that Russia has made its debt service payments as required, only the Western governments refuse to allow the transaction. This doesn’t qualify as a default in any meaningful sense and, in any case, Russia is flush with cash.
This is another case in which the countries sanctioning Russia have shot themselves in the foot. Now, those private investors who hold Russian bonds have a cause for action in court, because the sanctioning governments stole their earnings.
I mock President Biden and his administration for being stupid. Those idiots think they are lashing out at Russia, but they hurt their own people.
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I read my own source. That is why I said that the default was due to sanctions.
It qualifies as default in the sense that matters – the legal sense. That is why it is newsworthy.
You may be correct that those who have been defaulted on may sue but in the normal course of things they would sue those who failed to live up to their contracts. Whatever happens, people will think twice before lending Putin any more money and if they do, they will demand a hefty premium to reflect the hefty risk.
If I were you, I would refrain from calling anybody an “idiot” or “stupid.”
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RE: “It qualifies as default in the sense that matters – the legal sense.”
No, it doesn’t, and that’s the point. The investors have a legal case against the sanctioning governments, not Russia, because they interfered.
The long term threat investors must worry about is the threat of future irrational and illegal sanctions. This will drive them to seek opportunities under the BRICS rules-based order, abandoning G7 oppression.
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