US Secretary of State Antony Blinken said gold was Russia’s second most lucrative export after energy, generating about $19 billion a year, during his June 26, 2022 interview with CNN’s Jake Tapper.

Discussing coordinated G7 action against Russian gold imports, Blinken said most of that trade was within G7 countries. He presented the proposed restriction as another way to reduce revenue available to Moscow while Russia continued its invasion of Ukraine.

The $19 billion figure referred to the estimated annual value of Russian gold exports cited by Blinken. It should not be read as a verified forecast that an import ban would immediately eliminate all of that revenue.

The interview formed part of broader US discussions of military support for Ukraine and economic pressure on Russia.

Read more at the original source. Supporting source: CNN transcript.