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

US President Joe Biden announced on Sunday that a group of the United States and seven other major economies will announce a ban on gold imports from Russia. Economically isolate Russia over the invasion of Ukraine.

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

Biden and his Group of Seven allies aim to ensure that the fallout from Russia's invasion of Ukraine does not disrupt the global coalition working to punish Moscow. Meet on the first day of Sunday's summit on strategies to secure energy supply and tackle inflation.

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

A senior Biden administration official said gold is 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.