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Joe Biden says G7 to ban Russian gold in response to Ukraine struggle

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A proper announcement was anticipated on Tuesday because the G7 leaders meet for his or her annual summit

A proper announcement was anticipated on Tuesday because the G7 leaders meet for his or her annual summit

President Joe Biden stated on Sunday that the United States and different Group of Seven main economies (G7) will announce a ban on imports of gold from Russia, a step the leaders hope will additional isolate Russia economically over its invasion of Ukraine.

A proper announcement was anticipated Tuesday because the leaders meet for his or her annual summit.

Mr. Biden and his Group of Seven allies will huddle on the summit’s opening day Sunday on methods to safe vitality provides and deal with inflation, aiming to maintain the fallout from Russia’s invasion of Ukraine from splintering the worldwide coalition working to punish Moscow.

Hours earlier than the summit was formally set to open, Russia launched missile strikes in opposition to the Ukrainian capital on Sunday, putting at the least two residential buildings, Kyiv Mayor Vitali Klitschko stated. They have been the primary such strikes by Russia in three weeks.

Senior Biden administration officers stated gold is Moscow’s second largest export after vitality, and that banning imports would make it tougher for Russia to take part in international markets.

Mr. Biden’s Twitter feed stated Russia “rakes in tens of billions of dollars” from the sale of its gold, its second largest export after vitality.

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