Joe Biden says G7 to ban Russian gold in response to Ukraine war

President Joe Biden said on Sunday that the United States and other Group of Seven leading economies will ban imports of gold from Russia, the latest in a series of sanctions that the club of democracies hopes will further isolate Russia economically over its invasion of Ukraine.

A formal announcement was expected on Tuesday as the leaders hold their annual summit.

Biden and his counterparts will huddle on the summit’s opening day Sunday to discuss how to secure energy supplies and tackle inflation, aiming to keep the fallout from Russia’s invasion of Ukraine from splintering the global coalition working to punish Moscow.

Senior Biden administration officials said gold is Moscow’s second largest export after energy. Banning imports would make it more difficult for Russia to participate in global markets, they said