Featured

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

By
OB Bureau

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.

OB Bureau

Recent Posts

Did Shinde Demand Home Ministry, If Not Maharashtra CM Post?

Mumbai: Amid the continuing suspense over a new Maharashtra Chief Minister, reports claimed that the…

November 27, 2024

2 Held For Duping Sarpanch, Lawyers By Posing As Police Officers In Odisha’s Malkangiri

Malkangiri: Two persons were arrested for allegedly duping people in Odisha’s Malkangiri district by posing…

November 27, 2024

Gautam Adani, His Nephew & Vneet Jaain Not Charged In Bribery Case: Former Attorney General Of India Defends Billionaire

New Delhi: The Adani Group on Wednesday strongly dismissed allegations of bribery and violations of…

November 27, 2024

Odisha IAS Officer Sujata Karthikeyan Joins Duty After Rejection Of Leave Extension Application

Bhubaneswar: Senior IAS officer Sujata Karthikeyan, wife of V K Pandian, joined duties on Wednesday…

November 27, 2024

4 Teams Formed To Trace Suspect In Baby Theft At VIMSAR In Odisha’s Sambalpur

Sambalpur: Four special teams have been formed to trace a woman, suspected to be involved…

November 27, 2024

Ceasefire Starts Between Israel, Hezbollah To End Fighting In Lebanon, Know The Terms Of The Truce

Jerusalem: Paving the way to end the conflict in Lebanon, Israel’s security cabinet on Tuesday…

November 27, 2024

Know Why Jagannath Temple In Odisha’s Puri Will Remain Closed For 5 Hours Today

Puri: Shree Jagannath Temple in Odisha’s Puri town will remain closed for devotees for five…

November 27, 2024

Junior Mining Officer In Odisha Vigilance Net; Raid On At 7 Places

Bhubaneswar: Odisha Vigilance sleuths on Wednesday launched simultaneous raids at seven places linked to Padmanav…

November 27, 2024