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G7 announces Russia's gold ban in response to the Ukrainian war

 President Joe Biden said on Sunday that the United States and othergroups' seven major economies Countrybans the import of gold from Russia. This was officially announced on Tuesday as the Democratic ClubUkraine

leaders will host 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 divide the global coalition working to punish Moscow. Aim to prevent fallout from Russia's invasion of Ukraine.

A few hours before the summit officially opened, Russia launched a missile strike against the Ukrainian capital on Sunday, opening at least two homes. The attack was made, said Vitali Klitschko, the mayor of Kyiv. 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. .. Officials discussed details prior to the announcement, subject to anonymity.

The U.S. Treasury announced a decision on Tuesday to ban the import of new gold into the U.S., further isolating Russia from the global economy by blocking participation in the gold market, government officials said. Stated. .. 

G7 Leaders Convene For Summit At Schloss Elmau
US President Joe Biden held a three-day event on June 26, 2022 in Schloss-Elmau near Garmisch. Attend the first day of the G7 Summit-Partenkirchen, Germany. Sean Gallup / Getty Images

British Prime MinisterBoris Johnsonsaid Russia's gold ban was a "direct blow" "Gives an attack at the center of the war machine between Russia's Oligarchs and Putin," said Russia's President Vladimir Putin.

"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 the Putin administration's money."

According to the White House, gold has been Russia's largest export after energy in recent years, about $ 19 billion in 2020. That is, it accounts for about 5% of the world's gold exports.

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.

Biden arrived in the beautiful Bavarian Alps of Germany at the beginning of Sunday and attended the annual meeting of the world. Major democratic economy. The response from the brutal war in Ukraine will be central to their debate. Biden and his allies aim to present a united front to support Ukraine as the conflict enters the fourth month.

The unification was a message that Biden sat down before the summit meeting with German Chancellor Olaf Scholz, who is the replacement chair of the G7 and is hosting the rally.

"We need to make sure we are all together. You know, we will continue to tackle the financial challenges we face, but we I think we'll get over all of this, "Biden said.

Scholtz replied that the "good message" is a reference to Russian President Vladimir Putin, "all of us remain united, Putin did not expect." rice field.

"President Putin had expected NATO and the G7 to split from the beginning, so he must be together, but he didn't, and he doesn't intend to," Biden said. Stated. "We can't put this aggression into the form it has and avoid it."

Biden and the United Kingdom, Canada, France, Germany, Italy, Japan, and the European Union Leaders spent Sunday in both formal and informal environments with working sessions to address the impact of the war on the world. Economy, including inflation, and infrastructure.

One of the issues discussed is the price limit for energy. It aims to limit the interests of Russian oil and gas that Moscow can use for war effort. This idea was endorsed by US Treasury Secretary Janet Yellen.

A senior German official speaking on condition of anonymity consistent with the rules of the sector, the US idea of ​​price caps is how it works and how it works in the US and EU. The sanctions system of the United Kingdom, Canada and Japan, which said that there was intense debate in terms of conformity.

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 efforts to tackle climate change," said John Kirby, a spokesman for Biden's National Security Council, on Saturday when the president flew to Germany.  

Biden is also set on Sunday to formally launch a global infrastructure partnership designed to counter China's influence in developing countries. He named it "Build Back Better World" and introduced the program 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 the G7 ends on Tuesday, Biden will travel to Madrid for a summit of NATO's 30 member leaders to coordinate their strategy on war in Ukraine. ..

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