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Biden says the G7 will ban Russia's gold imports over the war with Ukraine

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President Joe Bidensaid on Sunday that the Group of Seven would ban Russia's gold imports in retaliation for Moscow's war with Ukraine.

G7 leaders meet on the first day of Sunday's summit to discuss how to secure energy supplies and combat inflation, and responding to theRussian aggressionhurt global allies. I aim to avoid it. Punish the Kremlin.

Gold is Russia's second-largest export, according to senior Biden administration officials, and banning imports makes it difficult for countries to enter the global market.

According to the White House, gold is Russia's largest export after energy in recent years, reaching about $ 19 billion in 2020, or about 5% of the world's gold exports.

About 90% of Russia's gold exports 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.

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President Joe Biden and German Chancellor Olaf Scholz speak during a bilateral meeting at the G7 Summit in Elmau, Germany, Sunday, June 26, 2022. Biden is in Germany to attend the Group of Seven summit of leaders of the world's major industrialized nations. (AP Photo/Susan Walsh)

President Joe Biden and German Prime Minister Olav Schorz He will speak at the bilateral conference at the G7 Summit in Elmau, Germany, on Sunday, June 26, 2022. In Germany to attend the Group 7 Summit of leaders of the world's major industrialized nations. (AP Photo / Susan Walsh)(AP Photo / Susan Walsh)

British Prime Minister Boris Johnsonsaid that the G7 countries are Russian The gold ban would "attack Russia's oligarchs directly and attack the center of Putin's war machine."

"Putin is wasting his diminishing resources in this meaningless and barbaric war. He bankrolls his ego at the expense of both Ukrainians and Russians. "There is," Johnson said. "We need to starve Putin's money."

According to Britain, the value of gold exports to the Russian elite is that wealthy Russians try to avoid western sanctions. As a result, Moscowsurged in the monthsmonths after the start of the war.

On Tuesday, the ban will be officially announced when leaders meet for the annual summit.

Biden arrived in the beautiful German Alps early Sunday morning and joined the G7 counterpart at the annual meeting. The ongoing global impact of Russia's war on Ukraine is expected to be an important focus of the debate. The President of the United States and its international allies are striving to present a united front in support of Ukraine.

White House National Security Council spokesman John Kirby will address Putin's inflation and other "world economic challenges as a result of Mr Putin's war" on Saturday. He also mentioned how to hold him accountable. ..

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President Vladimir Putin 

President Vladimir Putin (Getty Images)

"There will be muscle movement," Kirby said on an Air Force One during Biden's flight to Germany. rice field.

Describes the price cap of energy designed to limit the profits of Russian oil and gas that Moscow can use for aggression.

German officialsaid the US proposal on price caps works exactly how it works and fits with the US, EU, UK, Canada, and Japan. A sanctions system that said there was intense debate about what to do.

Officials are also expected to discuss ways to ensure climate change efforts while addressing energy supply needs.

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

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U.S. President Joe Biden, right, waves as he walks past Bavarian mountain riflemen and traditional costumers after his arrival at Franz-Josef-Strauss Airport near Munich, Germany, Saturday, June 25, 2022, ahead of the G7 summit. Biden is in Germany to attend a Group of Seven summit of leaders of the world's major industrialized nations. (AP Photo/Markus Schreiber)

US President Joe Biden, right, with Bavarian mountain rifle soldiers after arriving at Franz Joseph Strauss An airport near Munich, Germany, waving past people in traditional costumes, Saturday, June 25, 2022, prior to the G7 Summit. Biden is in Germany to attend the Group 7 Summit of leaders from the world's major developed countries. (AP Photo / Markus Schreiber)(AP Photo / Markus Schreiber)

Sunday's Biden also aimed to counter China's influence. Officially launches Global Infrastructure Partnership. A developing world. The president introduced this initiative at last year's G7 Summit and named it "Build Back Better World."

Biden and other world leaders said that the government "sold debt traps to low- and middle-income partners, US economic competitiveness and our national security."

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After the summit on Tuesday, Biden Travel to Madrid Meet with leaders from 30 NATO countries to discuss Russia's strategy for the Ukrainian War.

The Associated Press contributed to this report.