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Live Update 5 / 8G7 Leaders Plan to Ban Russia's Gold Imports

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The Associated Press

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A view of the secluded Schloss Elmau luxury hotel in Elmau, Germany, Sunday, June 26, 2022, where President Joe Biden and the other leaders of the Group of Seven, G-7, leading economic powers will attend their annual summit.
Sunday, June 26, 2022, the luxury of the secluded Schloss Elmau in Elmau, Germany. Hotel views, President Joe Biden and the Group of Seven, and other G-7 leaders will attend the annual summit.Photo courtesy of Susan Walsh/Related Press

ELMAU, Germany (AP) —Latest G-7 Summit, annual meeting of major democratic economies in Germany's Bavarian Alps this year:

US President Joe Biden said the United States and seven other groups are major countries Will announce a ban on the import of gold from Russia.

They hope that this measure will further isolate Russia's invasion of Ukraine economically.

Biden announced Sunday's steps at the start of the G7 Annual Summit in Germany this year.

A senior Biden administration official said gold was the second largest export after energy in Moscow, and a ban on imports would make it more difficult for Russia to enter the global market. ..

According to Biden's Twitter feed, Russia "earns tens of billions of dollars" from the sale of gold, the second largest export after energy.

Britain has exported gold to the Russian economy in 2021 at about $ 15.5 billion, and Russia has been in Russia since the beginning of the war as wealthy Russians are trying to avoid Western sanctions. The value of gold to the elite of Russia is increasing.

British Prime Minister Boris Johnson said the G7 ban on Russian gold "attacks Russia's oligarchs directly and attacks Putin's center of war machinery." I am saying.


Key developments:

— US President Joe Biden has arrived in the Bavarian Alps, Germany, for the annual G7 meeting.


Other developments:

Germany wants countries to join "climate clubs" to tackle global warming.

German Chancellor Olaf Scholz will push his plans forward at this year's G7 Summit starting Sunday.

The idea for the "Climate Club" was first conceived by Yale University economist William Nordhaus. He said the voluntary nature of existing climate agreements has not made sufficient progress.

Club members agree on ambitious emission targets and exempt each other from climate-related trade tariffs.

According to experts, success depends on the participation of a large number of countries, including major economies in Europe, North America and Asia.

It could pressure major pollutants in developing countries such as China and India to step up their efforts or see their exports slapped by tariffs. there is.


US President Joe Biden has arrived in the Bavarian Alps, Germany, for the annual meeting of a major democratic economy. The war in Ukraine and its consequences are central to the stage.

Biden and his group of seven allies are planning a discussion on how to secure energy supply and tackle inflation against the backdrop of Russia's invasion. The

G7 Summit also aims to ensure that the global coalition working to punish the Kremlin in the war four months ago is maintained.

Biden was to begin his visit on Sunday at a bilateral meeting with German Prime Minister Olaf Scholz, the organizer of the summit.

In the afternoon, Biden was to meet with leaders of the United Kingdom, Canada, France, Germany, Italy, Japan and the European Union both formal and informally.


Follow the AP coverage of the G7 Summit:

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