The United States and other Group of 7 countries will ban imports of gold from Russia, seeking to undercut a key source of revenue for Moscow as it wages war in Ukraine, President Biden said on Sunday as G7 leaders gathered in the Bavarian Alps.
“Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia,” Mr. Biden wrote on Twitter.
A senior administration official told reporters that the move would be formally announced on Tuesday, and that it would help to further isolate Russia from the international financial system. It is the latest in a series of economic sanctions imposed by Ukraine’s allies, including a crackdown on oil exports, Russia’s largest source of export revenue.
The G7 leaders gathered in the Alps are searching for new ways to choke the flow of cash to Russia. They are set to discuss those efforts, including possible attempts to tighten the oil sanctions, in their first set of meetings on Sunday.