Biden bans Russian gold imports, G-7 leaders consider new sanctions

ELMAU, Germany – The US announced on Sunday that it will ban new imports of Russian gold as it steps up efforts to deprive Vladimir Putin of the financial resources he needs to maintain his assault on Ukraine.

Biden administration officials made the announcement as the US president prepared to meet with the leaders of France, Germany, Canada, the UK, Italy and Japan. The nations collectively make up an economic alliance known as the Group of Seven.

“The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine,” President Joe Biden said in a tweet. “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.”

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