First published by Money Metals Exchange here: https://www.moneymetals.com/news/2022/06/27/g-7-sanctions-on-russian-gold-could-backfire-002550

Russia is the world’s second largest producer of gold. When the London Bullion Market Association delisted Russian gold refiners in March, many expected the move would push gold prices higher. Instead, the gold price has fallen roughly $100/oz.