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Biden: G7 banning Russian gold in response to the Ukrainian war

ELMAU, Germany-PresidentJoe Bidenon Sunday, the United States and a group of seven other major economies import gold from Russia Said to ban. The latest in a series of sanctions that the Democratic Club wants to further isolate Russia economically over the invasion ofUkraine.

On Tuesday, a formal announcement was scheduled for leaders to meet for the annual summit.

Biden and his counterparts will discuss how to secure energy supply and tackle inflation on the opening day of the summit on Sunday and will not disrupt the global coalition working to punish Moscow. Aim to prevent fallout from Russia's invasion of Ukraine.

Hours before the summit was held, Russia launched a missile strike against the Ukrainian capital on Sunday, attacking at least two homes, said Kyiv Mayor Vitali Klitschko. They were the first such strike by Russia in three weeks.

A senior Biden administration official said gold was Moscow's second-largest export after energy. They said banning imports would make it more difficult for Russia to enter the global market.

According to Biden's Twitter feed, Russia "makes tens of billions of dollars" by selling gold.

In recent years, gold has become Russia's largest exporter after energy, reaching about $ 19 billion in 2020, or about 5% of the world's gold exports, according to the White House.

Of Russia's gold exports, 90% were outsourced to G7 countries. Of these Russian exports, more than 90%, or nearly $ 17 billion, were exported to the United Kingdom. The United States imported less than $ 200 million in gold from Russia in 2019 and less than $ 1 million in 2020 and 2021.

The UK also announced on Sunday that it would ban Russia's gold imports, and then spoke on condition of anonymity to discuss details prior to the official announcement, according to Biden administration officials on Tuesday for all G7s. Announcement involving countries.

Biden arrived in the beautiful Bavarian Alps of Germany early Sunday morning and attended the annual meeting of the world's leading democratic economy. There, the response from the brutal war in Ukraine is central to the debate. He and his allies aim to present a united front to support Ukraine as the conflict enters the fourth month.

Biden attended a mass held by a US Army priest, the White House said. The President meets with German Prime Minister Olav Schorz, the organizer of the summit, and spends the afternoon with leaders of the United Kingdom, Canada, France, Germany, Italy, Japan and the European Union, both formal and informal. It was started.

White House National Security Council spokesman John Kirby said Saturday that the summit will address issues such as inflation and other "world economic challenges as a result of Mr Putin's war." rice field. "Continue to hold Mr Putin accountable" and "continuous results".

"There will be some muscle movement," Kirby said from Air Force One when Biden flew to Germany.

Among the issues discussed is the price cap on energy aimed at limiting the profits of Russian oil and gas that Moscow can use for war effort. This idea was endorsed by US Treasury Secretary Janet Yellen.

German officials speaking on condition of anonymity in line with the rules of the sector said the US idea of ​​price caps is how it works exactly and how it fits the US. From that point of view, he said that there was intense debate. Sanctions system in EU, UK, Canada and Japan.

Officials were also set up to discuss how to maintain climate change efforts while resolving key energy supply needs as a result of the war.

"We will not undermine our commitment to climate change," Kirby said.

Biden will also formally launch a global infrastructure partnership on Sunday aimed at countering China's influence in developing countries. This is what he named "Build Back Better World" and introduced at last year's G7 Summit.

Biden and other leaders see Biden and other leaders as "an alternative to an infrastructure model that sells debt traps to low- and middle-income partners and enhances US economic competitiveness." He said he would announce the first project to benefit from what he is doing. And our national security.

After Germany concludes on Tuesday, Biden will travel to Madrid to meet with the leaders of 30 NATO members to coordinate their war strategy in Ukraine.


Super building reported by Telfs, Austria.