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G7 nations to ban import of Russian gold, says Biden

The world's seven richest nations will announce a ban on Russian gold imports, US President Joe Biden said on Sunday, as Moscow’s war on Ukraine continues.

Leaders of the world's seven wealthiest nations will gather in Germany for talks on additional sanctions against Russia and the medium- and long-term reconstruction of Ukraine.

Confirming earlier reports of an imminent ban, Biden said: "The United States has imposed unprecedented costs on (Russian President) Putin to deny him the revenue he needs to fund his war against Ukraine."

"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," he added.

With its estimated 331 tons in 2020, Russia ranked second in terms of global gold output making up 9% of the world's total, according to SP Global data.

The UK government also confirmed on Sunday that a ban will be imposed on Russian gold imports, saying new exports of Russian gold will no longer be allowed to enter the UK, Canada, US and Japan.

"London is a major global gold trading hub and UK sanctions, which will be the first of their kind to be implemented against Russia anywhere in the world, will have a huge impact on Putin’s ability to raise funds," the government said in a statement.


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