The United States and another group of 7 countries will ban gold imports from Russia in an attempt to undermine a major source of revenue for Moscow as it wages war in Ukraine, President Biden said Sunday as G7 leaders gathered in the Bavarian Alps.
“Together, the G7 will announce that we will ban imports of Russian gold, an important export that brings in tens of billions of dollars for Russia,” Biden wrote on Twitter.
A senior government official told reporters that the move would be formally announced on Tuesday and that it would help further isolate Russia 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 largest source of export revenue.
The leaders of the G7 in the Alps are looking for new ways to block the flow of money to Russia. They will discuss those efforts, including possible efforts to tighten oil sanctions, at their first series of meetings on Sunday.