On Sunday, President Biden said the US and other Group of Seven nations would ban gold imports from Russia, seeking to cut off Moscow’s main source of revenue as it wrests war in Ukraine as G7 leaders gather. in the Bavarian Alps.
“Together, the G7 will announce that we will ban imports of Russian gold, a major export of tens of billions of dollars for Russia,” Biden wrote on Twitter.
A senior administration official told reporters the move will be officially announced on Tuesday and it will help isolate Russia further from the international financial system. It is the latest in a series of economic sanctions imposed by Ukraine’s allies, including a crackdown on oil exports, Russia’s biggest source of export revenue.
G7 leaders gathered in the Alps are looking for new ways to choke off the flow of money to Russia. They are set to discuss those efforts, including possible efforts to tighten oil sanctions, in their first meeting on Sunday.