Russia Ukraine Conflict: G7 Nations To Ban Russian Gold Imports, Says US President Joe Biden

As per the White House, gold has been the top export for Russia after energy — reaching almost $19 billion or about 5 percent of the global exports in the year 2020. 

US President Joe Biden arrived at Munich for G7 summit being hosted by Germany.

New Delhi: In continuation with a series of sanctions imposed on Russia over its February 24 invasion in Ukraine, US President Joe Biden on Sunday said that the group of seven leading economies or the G7 will ban imports of gold from Russia, reported news agency AP. 

As per the report, a formal announcement was expected to be made on Tuesday when the leaders of the seven nations would meet for their annual summit. 

Senior Biden administration officials said gold is Moscow’s second largest export after energy. Banning imports would make it more difficult for Russia to participate in global markets, they said, quoted by the news agency. 

Biden: Group of Seven nations to announce ban on Russian gold imports in latest round of sanctions over Ukraine war, reports AP

— Press Trust of India (@PTI_News) June 26, 2022

As per the White House, gold has been the top export for Russia after energy — reaching almost $19 billion or about 5 percent of the global exports in the year 2020. 

Of Russian gold exports, 90% was consigned to G-7 countries. Of these Russian exports, over 90%, or nearly $17 billion, was exported to the UK. The United States imported less than $200 million in gold from Russia in 2019, and under $1 million in 2020 and 2021.

The report further stated that the United Kingdom was also expected to announce a ban on Russian gold imports followed by a formal announcement on Tuesday involving all G-7 countries, according to the Biden administration officials, who spoke on condition of anonymity to discuss details before the announcement.

Meanwhile, Moscow launched a missile strike against the Ukrainian capital on Sunday striking at least two residential buildings, reported the news agency quoting Kyiv Mayor Vitali Klitschko. They were the first such strikes by Russia in three weeks.