Ukraine Invasion: G7 To Hit Russia With Gold Ban, Says Joe Biden

London: As Russia’s invasion of Ukraine entered the fifth month, fresh sanctions are set to be announced against Vladimir Putin’s country.

President Joe Biden said on Sunday that the United States and other Group of Seven (G7) nations will ban import of gold from Russia in an effort to further isolate Russia economically because of its continued aggression against its neighbouring country in east Europe.

The world leaders have assembled in Germany ‘s Schloss Elmau, in the Bavarian Alps, for the three-day annual summit which began today.

Biden and his counterparts are due to meet on Day 1 to discuss how to secure energy supplies and tackle inflation, in a bid to counter the fallout from Russia’s invasion of Ukraine.

According to senior officials of the Biden government, gold is Moscow’s second-largest export item after energy, so banning imports will make it even more difficult for Russia to do business in global markets.

In 2020, Russia’s gold export amounted to $19 billion, that is, about 5% of global gold exports, according to the White House. And 90% of those exports was sent to G-7 countries, including nearly $17 billion to the UK.

A formal announcement on gold import ban is expected on Tuesday.

Russia continued to show its defiance against the western countries by launching fresh missile strikes on the Ukrainian capital on Sunday, hitting at least two residential buildings, according to Kyiv Mayor Vitali Klitschko said. It was the first big strike by Russia in three weeks.