At this week's G7 meeting, imports of Russian gold to be banned

Robert Besser
29 Jun 2022, 12:40 GMT+10

President Joe Biden said the U.S. and other Group of Seven leading economies will ban imports of gold from Russia
A formal announcement was expected to be made this week when G7 leaders meet for their annual summit
On the summit's opening day, Biden and his counterparts will discuss how to secure energy supplies, tackle inflation, and deal with the fallout from Russia's invasion of Ukraine

WASHINGTON D.C.: In the latest in a series of sanctions aimed at further isolating Russia economically over its invasion of Ukraine, President Joe Biden said the U.S. and other Group of Seven (G7) leading economies will ban imports of gold from Russia.

A formal announcement was expected to be made this week when G7 leaders meet for their annual summit.

On the summit's opening day, Biden and his counterparts will discuss how to secure energy supplies, tackle inflation, and deal with the fallout from Russia's invasion of Ukraine, as well as prevent the splintering of the global coalition working to restrict Moscow.

Hours before the summit's opening on June 26, Russia launched missiles at the Ukrainian capital, Kyiv, hitting at least two residential buildings, said Mayor Vitali Klitschko.

Gold is Russia's second largest export after energy, and banning imports would make it more difficult for the country to participate in global markets, Biden administration officials said.

Russia "rakes in tens of billions of dollars" from the sale of its gold, Biden said in his Twitter feed.

According to the White House, Russian gold exports were valued at some $19 billion, or about 5 percent of global gold exports, in 2020.

Some 90 percent of Russian gold exports was consigned to G7 countries, with over 90 percent exported to the UK, while the U.S. imported less than $200 million in 2019, and under $1 million in 2020 and 2021.

According to Biden administration officials, who spoke on condition of anonymity, the UK was also expected to announce a ban on Russian gold imports, followed by a formal announcement by all G7 countries.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cambodian Times.

More Information

28 ℃

Partly Cloudy in Phnom-Penh

International

Section

UK moves forward in sending illegal migrants to Rwanda

LONDON, England: Despite a legal challenge in London's High Court in early September, the UK government is continuing to pursue ...

PM Modi says India working to become developed country in 25 years

NEW DELHI, India: During his national day address this week, Prime Minister NarendraModi said India will seek to become a ...

Heathrow Airport to extend limit on passengers till October

LONDON, England: The cap on flight departures from London's Heathrow Airport will beextended until October 29, airport officials announced.Heathrow capped ...

German fighter jets to take part in joint exercises in Australia

BERLIN, Germany: Highlighting Berlin's increasing focus on assisting in the Indo-Pacific region amidst rising tensions with China over Taiwan, Germany ...

France declares wildfire out, firefighters came from all of Europe

PARIS, France: French firefighters have stopped the spread of a "monster" wildfire in the country's southwest, allowing the reopening of ...

Would a new Cold War be in the best interest of the United States?

As China unleashed live-fire military exercises off the coast of Taiwan, simulating a real "reunification by force" operation in the ...

Sports

Section