G7 nations to announce ban on import of Russian gold

The United States has said the Group of Seven (G7) nations will ban the import of Russian gold with the aim of tightening sanctions screws on Moscow, which on Sunday carried out missile strikes on Ukraine’s capital Kyiv after making territorial gains in the eastern Luhansk region.

“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,” President Joe Biden said as the leaders of the world’s wealthiest nations gathered in the Bavarian Alps.

The measure was initially flagged by the United Kingdom as joint action being taken along with fellow G7 members Canada, Japan and the US.

However, a senior US administration representative who spoke on condition of anonymity told reporters the G7 would make an official announcement on the gold import ban on Tuesday.

US President Joe Biden said the leaders of the world’s wealthiest nations will announce the ban during the G7 summit in Munich.

Al Jazeera’s James Bays, reporting from the G7 summit, said the first session on Sunday will be focusing on the global economy and the “very worrying picture” as the conflict in Ukraine drives up inflation and energy prices.

Bays added the sanctioning of Russian gold has been hailed as one of the summit’s achievements and is likely to go ahead. But mindful of their own economies, G7 leaders are unlikely to greenlight any additional sanctions, “particularly gas imports from Russia to Europe”, he said.

Meanwhile, Ukrainian Foreign Minister Dmytro Kuleba on Sunday called on G7 countries to respond to the new missile attack on Kyiv by imposing further sanctions on Russia and providing more heavy weapons to Ukraine.

“This 7 y.o. Ukrainian kid was sleeping peacefully in Kyiv until a Russian cruise missile blasted her home. Many more around Ukraine are under strikes. G7 summit must respond with more sanctions on Russia and more heavy arms for Ukraine,” Kuleba said on Twitter.

This 7 y.o. Ukrainian kid was sleeping peacefully in Kyiv until a Russian cruise missile blasted her home. Many more around Ukraine are under strikes. G7 summit must respond with more sanctions on Russia and more heavy arms for Ukraine. Russia’s sick imperialism must be defeated. pic.twitter.com/0kn2hl7A4x

— Dmytro Kuleba (@DmytroKuleba) June 26, 2022

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