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Published 2 years ago

Biden: G-7 to ban Russian gold in response to Ukraine war

Summary by Ground News
President Biden said Sunday that the United States and other Group of Seven economies will ban gold imports from Russia. The ban is due to come into force shortly and will apply to newly mined or refined gold. It will not affect Russian-origin gold that has been previously exported from Russia. The move is an effort to hit Moscow's ability to fund the war in Ukraine. Gold exports were worth £12.6bn ($15.4bn) to Russia in 2021. It comes as the G7 group of the world's richest nations meet in Germany.

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