US President and G7 leaders agreed to ban gold imports from Russia

US President Joe Biden and other G7 leaders have agreed to a ban on gold imports from Russia.

Source: CNN reporter Kaitlan Collins

US President Joe Biden and his G7 counterparts will agree on an import ban on new gold from Russia as they expand sanctions against Moscow for its war against Ukraine.

It is expected that this agreement will be officially recorded during the G7 leadersʼ summit on June 26-28. The US Treasury Department will issue a determination to prohibit the import of new gold into the US on Tuesday, in a move aimed at further isolating Russia from the global economy by preventing its participation in the gold market.

In addition, the member states of the European Union are preparing to announce sanctions on imports of Russian gold.

Gold is a crucial asset for the Russian central bank, which has already faced restrictions on accessing some of its assets held abroad because of Western sanctions.

Russia produces around 10% of the gold mined globally each year. Its gold holdings have tripled since it occupied the Ukrainian Crimea in 2014.

See also: G7 ministers call on Russia to unblock Ukrainian ports

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