President Joe Biden said Sunday that the Group of Seven leading economies will announce a ban on Russian imports of gold because of the war on Ukraine.
President Joe Biden
Gold has been the biggest Russian export behind energy in recent years, reaching almost $19 billion or about 5% of global gold exports in 2020, according to the White House. According to Britain, the value of gold exports to the Russian elite has spiked in the months since MoscowThe ban will be formally announced on Tuesday as the leaders meet for the annual summit.
Price caps on energy designed to limit Russian oil and gas profits that Moscow can use in its invasion will be discussed.said the U.S. suggestion pertaining to price caps was being discussed intensely regarding how exactly it would work and how it would fit with the U.S., EU, British, Canadian and Japanese sanctions regimes.
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Biden: G-7 to ban Russian gold in response to Ukraine warELMAU, Germany (AP) — President Joe Biden said Sunday that the United States and other Group of Seven leading economies will ban imports of gold from Russia, the latest in a series of sanctions that the club of democracies hopes will further isolate Russia economically over its invasion of Ukraine.
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G-7 to ban Russian gold in response to Ukraine war, Biden saysPresident Joe Biden says the Group of Seven leading economies will ban imports of gold from Russia
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Biden kicks off G7 summit with focus on Ukraine, global economyPresident Biden kicked off a series of meetings with world leaders on Sunday in the Bavarian Alps, where the war in Ukraine was expected to dominate conversation.
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