President Joe Biden says the Group of Seven leading economies will ban imports of gold from Russia
President Biden said Sunday that the United States and other Group of Seven leading economies will announce a ban on imports of gold from Russia, a step the leaders hope will further isolate Russia economically over itsBiden and his Group of Seven allies will huddle on the summit’s opening day Sunday on strategies to secure energy supplies and tackle inflation, aiming to keep the fallout from Russia’s invasion of Ukraine from splintering the global coalition working to punish Moscow.
Senior Biden administration officials said gold is Moscow’s second largest export after energy, and that banning imports would make it more difficult for Russia to participate in global markets.Biden’s Twitter feed said Russia “rakes in tens of billions of dollars” from the sale of its gold, its second largest export after energy.The G-7 and NATO, which hold summits next week, have united in response to Russia’s war in Ukraine.
Of Russian gold exports, 90% was consigned to G-7 countries. Of these Russian exports, over 90%, or nearly $17 billion, was exported to the U.K. The United States imported less than $200 million in gold from Russia in 2019, and under $1 million in 2020 and 2021. Biden arrived in Germany’s picturesque Bavarian alps early Sunday morning to join his counterparts for the annual meeting of the world’s leading democratic economies, where the reverberations from the brutal war in Ukraine will be front and center in the discussion. He and the allies aim to present a united front in support of Ukraine as the conflict enters its fourth month.
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