Biden says G7 will ban Russian gold imports

Source: The Hill | June 26, 2022 | Morgan Chalfant

President Biden said Sunday that the Group of Seven (G7) nations will ban Russian gold imports to further impose financial costs on Moscow for its invasion of Ukraine.  

“The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine,” Biden tweeted on Sunday. “Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia.” 

Biden’s announcement came on the first day of a G7 meeting in Germany; a formal announcement is expected later on during the summit.  

While it does not bring in as much money as energy, gold is a major source of revenue for the Russian economy. Restricting exports to G7 economies will cause more financial strain to Russia as it wages the war in Ukraine.  

The G7 includes the United States, France, Canada, Germany, Japan, the United Kingdom and Italy.


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