US President Joe Biden announced on Sunday that the G7 will forbid the import of gold from Russia as part of a series of measures on that country following its invasion of Ukraine on February 24.
According to the article, a formal statement was anticipated to be made on Tuesday during the annual meeting of the leaders of the seven nations.
Gold is Moscow’s second-largest export after energy, according to senior Biden administration officials. According to them, as reported by the news agency, a ban on imports would make it more difficult for Russia to engage in international markets.
According to the White House, gold will account for approximately $19 billion, or about 5% of all exports worldwide, in 2020, overtaking energy as Russia’s greatest export.
Ninety percent of Russian gold shipments were bound for the G-7 nations. Over 90%, or almost $17 billion, of these Russian exports went to the UK. Less than $200 million in gold was imported by the US from Russia in 2019, and less than $1 million each in 2020 and 2021.
The Biden administration officials, who spoke on the condition of anonymity to discuss specifics before the announcement, said that the United Kingdom was also anticipated to declare an embargo on Russian gold imports, followed by a formal declaration on Tuesday including all G-7 countries.
According to Kyiv Mayor Vitali Klitschko, Moscow launched a missile attack against the Ukrainian capital on Sunday, hitting at least two residential buildings. They were Russia’s first such attacks in three weeks.
Featured Image: Wikimedia Commons
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