G7 Nations To Ban Russian Gold Imports, Says US President Joe Biden

New Delhi: In continuation with a sequence of sanctions imposed on Russia over its February 24 invasion in Ukraine, US President Joe Biden on Sunday mentioned that the group of seven main economies or the G7 will ban imports of gold from Russia, reported information company AP. 

As per the report, a proper announcement was anticipated to be made on Tuesday when the leaders of the seven nations would meet for his or her annual summit. 

Senior Biden administration officers mentioned gold is Moscow’s second largest export after vitality. Banning imports would make it harder for Russia to take part in international markets, they mentioned, quoted by the information company. 

As per the White Home, gold has been the highest export for Russia after vitality — reaching nearly $19 billion or about 5 p.c of the worldwide exports within the 12 months 2020. 

Of Russian gold exports, 90% was consigned to G-7 international locations. Of those Russian exports, over 90%, or almost $17 billion, was exported to the UK. The US imported lower than $200 million in gold from Russia in 2019, and below $1 million in 2020 and 2021.

The report additional said that the UK was additionally anticipated to announce a ban on Russian gold imports adopted by a proper announcement on Tuesday involving all G-7 international locations, based on the Biden administration officers, who spoke on situation of anonymity to debate particulars earlier than the announcement.

In the meantime, Moscow launched a missile strike in opposition to the Ukrainian capital on Sunday hanging no less than two residential buildings, reported the information company quoting Kyiv Mayor Vitali Klitschko. They had been the primary such strikes by Russia in three weeks.

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