US Secretary of State Anthony Blinken said that the G7 countries' refusal to import gold from Russia will deprive the country of about $19 billion annually.
The US secretary added that the initiative they were announcing affects Russia's second most profitable export commodity after the energy sector, about $19 billion.
Blinken continued by saying that depriving access to about $19 billion in revenues is significant.
Previously, the United Kingdom, the United States, Canada, and Japan decided to impose a ban on the import of gold from Russia.
The British newspaper, The Independent, reported today, Sunday, that US President Joe Biden and other leaders of the G7 will agree to a ban on gold imports from Moscow.
It is noteworthy that British Prime Minister Boris Johnson confirmed this step upon his arrival at the G7 summit in Germany.
The newspaper also stresses that these penalties will apply to gold extracted after the ban is imposed, and will not affect the gold that has already been purchased.