A new ban on Russian gold is the latest in a series of sanctions that the seven leading economies hope will further isolate Russia over its invasion of Ukraine.
GARMISCH-PARTENKIRCHEN, GERMANY - JUNE 26: European Council President Charles Michel, Italy's Prime Minister Mario Draghi, Canada's Prime Minister Justin Trudeau, French President Emmanuel Macron, German Chancellor Olaf Scholz, U.S.
"We have to stay together, because Putin has been counting on, from the beginning, that somehow NATO and the G-7 would splinter, but we haven’t and we’re not going to," Biden replied, as he and Scholz sat on a terrace that overlooked the picturesque Bavarian Alps.Hours before the summit formally opened, Russia launched missile strikes against the Ukrainian capital Sunday, striking at least two residential buildings, Kyiv Mayor Vitali Klitschko said.
British Prime Minister Boris Johnson said the ban will "directly hit Russian oligarchs and strike at the heart of Putin’s war machine." Of Russian gold exports, 90% was consigned to G-7 countries. More than 90% of those exports, or nearly $17 billion, was exported to the UK. The United States imported less than $200 million in gold from Russia in 2019, and under $1 million in 2020 and 2021.
Leaders were also set to discuss how to maintain commitments addressing climate change while also solving critical energy supply needs brought on by the war.
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