US President Joe Biden says that members of the Group of Seven wealthy nations will ban imports of gold from Russia
The ban, which aims to"further isolate Russia from the global economy", was announced by US President Joe Biden as the world's seven richest nation meet for their annual summit in Germany.
"Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia," President Joe Biden wrote in aThe measure was initially flagged by Britain as joint action being taken along with fellow G7 members Canada, Japan and the United States.
Given London's central role in the international gold trade, "this measure will have global reach, shutting the commodity out of formal international markets," Britain said."Gold, after energy, is the second largest export for Russia and a source of significant revenue for Putin and Russia," the US official said.
Officials say that cumulatively all the sanctions are slowly but surely starting to eat deep into Russia's economy and Putin's longterm ability to continue the offensive in Ukraine, which is now in its fifth month.
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