President Joe Biden said Sunday that the United States and other G7 leading countries will ban imports of gold from Russia as part of the latest series of sanctions over Russia for its invasion of Ukraine.
A formal announcement was expected Tuesday as the leaders meet for their annual summit.
Biden tweeted: “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.”
In the same context, a US official said that the steps taken towards the Russian gold are significant, and G7 could make use of them to isolate Russia economically.
He added that gold represents essential exportation and the main source of income for Russia as it helps Russia to exist in the world economy which needed to be stopped.
It’s expected that the ban will be imposed on the recently extracted, according to Reuters.
Moreover, the UK government said that the newly imposed decision will not the gold that was imported before issuing the ban, highlighting thG7 Bans Russian Gold Imports, US Announces.
This ban is the latest step of the series of sanctions imposed against Russia since the beginning of the war in Ukraine on February 24.
Russia produces 10% of gold globally, and its reserves of yellow metal were tripled after conquering Crimea.
Contributed by: Rana Atef
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