HomeFinanceG-7 nations to announce import ban on Russian gold | NEWSRUX

G-7 nations to announce import ban on Russian gold | NEWSRUX

Russia’s President Vladimir Putin arrives for a joint information convention with Turkmenistan’s President Serdar Berdymukhamedov in Moscow, Russia June 10, 2022.

Maxim Shemetov | Reuters

The leaders of the G-7 nations will announce a ban on Russian gold imports for Moscow’s unprovoked invasion of Ukraine, U.S. President Joe Biden confirmed on Sunday morning.

Because the leaders met in Munich, Germany, for the most recent G-7 summit, Biden took to Twitter to verify earlier reviews of an imminent ban.

“The USA has imposed unprecedented prices on Putin to disclaim him the income he must fund his conflict in opposition to Ukraine,” he stated early Sunday.

“Collectively, the G7 will announce that we are going to ban the import of Russian gold, a significant export that rakes in tens of billions of {dollars} for Russia.”

The transfer would add to a collection of punitive penalties imposed by the West on Russia since its onslaught of Ukraine started on Feb. 24. The sanctions have aimed to crush the Russia financial system and have included bans or curbs on oil and fuel imports and buying and selling with Russian banks and people. Certainly, U.S., Canada and their European allies agreed in February to take away key Russian banks from the interbank messaging system, SWIFT, successfully severing the nation from a lot of the worldwide monetary system.

The U.Okay. authorities on Sunday additionally confirmed the transfer to ban Russian gold imports, saying it could apply to newly mined gold and refined gold — excluding gold that will have come from Russia however has already been exported.

This can be a breaking information story, please test again later for extra.

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