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America and different Group of seven international locations will ban imports of gold from Russia, looking for to undercut a key income for Moscow because it wages conflict in Ukraine, President Biden mentioned on Sunday as G7 leaders gathered within the Bavarian Alps.
“Collectively, the G7 will announce that we’ll ban the import of Russian gold, a significant export that rakes in tens of billions of {dollars} for Russia,” Mr. Biden wrote on Twitter.
A senior administration official instructed reporters that the transfer can be formally introduced on Tuesday, and that it will assist to additional isolate Russia from the worldwide monetary system. It’s the newest in a collection of financial sanctions imposed by Ukraine’s allies, together with a crackdown on oil exports, Russia’s largest supply of export income.
The G7 leaders gathered within the Alps are looking for new methods to choke the move of money to Russia. They’re set to debate these efforts, together with attainable makes an attempt to tighten the oil sanctions, of their first set of conferences on Sunday.
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