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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Biden says G7 will ban Russian gold imports https://t.co/fpnDDkJmmI pic.twitter.com/qATW4weBUj
— The Hill (@thehill) June 26, 2022
The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine.
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.
— President Biden (@POTUS) June 26, 2022
President Biden is meeting with G-7 leaders in Krün, Germany to work on stabilizing global energy markets as the U.S. and other major economies face rising costs for fuel and food. https://t.co/sdJczL9oDI pic.twitter.com/JCXxp9HJxB
— The Hill (@thehill) June 26, 2022
This 7 y.o. Ukrainian kid was sleeping peacefully in Kyiv until a Russian cruise missile blasted her home. Many more around Ukraine are under strikes. G7 summit must respond with more sanctions on Russia and more heavy arms for Ukraine. Russia’s sick imperialism must be defeated. pic.twitter.com/0kn2hl7A4x
— Dmytro Kuleba (@DmytroKuleba) June 26, 2022
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