G7 leaders to agree on import ban on Russian gold as they broaden sanctions
- Leaders of the US, Germany, France, Britain, Italy, Canada and Japan will meet on Sunday at a three-day summit at Schloss Elmau in Germany’s Bavarian mountains
- Protesters in Germany on Saturday called on G7 leaders to take action to fight poverty, climate change and hunger, and end dependence on Russian fossil fuels
US President Joe Biden and his G7 counterparts will agree on an import ban on new gold from Russia as they broaden sanctions against Moscow for its war against Ukraine, a source familiar with the matter said on Saturday.
The United States has rallied the world in imposing swift and significant economic costs on Russia to deny President Vladimir Putin the revenue he needs to fund his war in Ukraine.
According to the source, the US Treasury Department will issue a determination to prohibit the import of new gold into the US on Tuesday, in a move aimed at further isolating Russia from the global economy by preventing its participation in the gold market.
The US Treasury Department declined to comment.
Meanwhile, some 4,000 people marched in Munich on Saturday calling on leaders of the Group of Seven (G7) industrialised countries to take action to fight poverty, climate change and world hunger and end dependence on Russian fossil fuels.
Leaders of the United States, Germany, France, Britain, Italy, Canada and Japan will meet on Sunday at a three-day summit at Schloss Elmau in the Bavarian mountains, aiming to increase pressure on Russia whose actions in Ukraine have created food and energy shortages across the globe.