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Biden tells G7 allies to "be together" — when the group moves to ban Russia's gold imports

President Bidentold his allies at the G7 Summiton Sunday that "we must be together" against Russia. Gold in an ongoing effort to squeeze Moscow out of the world economy.

"Putin had expected NATO and G7 to split from the beginning, so he had to be together, but he didn't, and he doesn't intend to," Biden said. Speaked in German. Olaf Scholz, Prime Minister and current G7 Chairman before the summit.

A formal announcement of the new sanctions will be made on Tuesday during the summit in the Bavarian Alps.

The United States and its western allies have many of their Oligalhi aimed at blocking sources of income that would allow Russia, Kremlin officials, and President Vladimirputin to fund the war. Defeated a series ofeconomic sanctions against in Ukraine, where he launched on February 24th.

"In this case, gold is Russia's second-largest export after energy and a major source of income for Putin and Russia,"government officialsaid on Sunday.

Joe Biden and Olaf Scholz.
Benoit Tessier / Pool / AFP

"US Treasury goes to the US on Tuesday The determination to ban the import of new gold from the United States, which will prevent Russia from participating in the gold market and further isolate it from the global economy. "

In a statement by British Prime Minister Boris Johnson, the ban was "attacking the Russian oligarchs directly and attacking the center of Putin's war machinery" and welcomed the move. .. Meaningless and barbaric war. He is bankrolling his ego at the expense of both Ukrainians and Russians, "Continued Johnson . "We need to starve Putin's funding."

G7 summit.
Filippo Atiri / Keez Palace Press Office / EPA
Getty Images / iStockphoto

Meanwhile, Russia will be on Sunday when the G7 Summit begins. A missile attacked the Ukrainian capital, Kieu, and attacked at least two homes. 

This was the first time the Russian army had targeted Kieu in three weeks. 

In recent years, gold has replaced energy as Russia's largest exporter, reaching $ 19 billion in 2020, or about 5% of the world's gold exports. House says. 

About 90% of these exports were to G7 countries.

Of that amount, about $ 17 billion will be exported to the United Kingdom, the United States will import less than $ 200 million from Russia in 2019, and less than $ 1 million in 2020 and 2021. I imported it.

Russian oligarchs More and more gold is being bought to mitigate the economic impact of Western sanctions. 

Damage in Ukraine.
Sergey Dolzhenko / EPA

The four-month war in Ukraine is the world It severely restricted the energy market in the world, caused prices to skyrocket, caused global food shortages, and urged the United Nations to warn of the“global hunger crisis”.

G7 leaders (US, UK, Canada, France, Germany, Italy, Japan, and the European Union) expect to hold formal and informal talks over the next few days. It has been. How to limit Russia's use of gas and oil profits to fund the war. 

They are also expected to discuss how war is affecting the world economy.

With post wire