President Joe Biden said Sunday that the Group of Seven leading economies will announce a ban on Russian imports of gold because of the war on Ukraine.
President Joe Biden
Gold has been the biggest Russian export behind energy in recent years, reaching almost $19 billion or about 5% of global gold exports in 2020, according to the White House. According to Britain, the value of gold exports to the Russian elite has spiked in the months since MoscowThe ban will be formally announced on Tuesday as the leaders meet for the annual summit.
Price caps on energy designed to limit Russian oil and gas profits that Moscow can use in its invasion will be discussed.said the U.S. suggestion pertaining to price caps was being discussed intensely regarding how exactly it would work and how it would fit with the U.S., EU, British, Canadian and Japanese sanctions regimes.
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