Despite booming profits for Moscow, the US secretary of state insisted that the sanctions will hurt the Kremlin soon © Getty Images / brightstars

US Secretary of State Antony Blinken told CNN on Sunday that an embargo on Russian gold exports will strip Moscow of around $19 billion in annual revenue. Pressed over the West’s failure to hurt the Russian economy with sanctions thus far, Blinken predicted that the effects will be seen next year.

The US, UK, Canada, and Japan will announce a ban on the import of Russian gold during the G7 Leaders’ Summit in Germany on Sunday, according to a statement from the British government.

Gold is “the second most lucrative export that Russia has, after energy,” Blinken told CNN’s Jake Tapper. “It’s about $19 billion per year, and most of that is within the G7 countries. Cutting that off, denying access to about $19 billion of revenue a year, that’s significant.” (RT)