World
Updated: June 26, 2022

G7 Nations To Announce Ban On Russian Gold Import

By Quadri Adejumo
June 26, 2022
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The United States has said the Group of Seven (G7) nations will ban the import of Russian gold.

This is with the aim of tightening sanctions screws on Russia, which on Sunday carried out missile strikes on Ukraine’s capital Kyiv.

President Joe Biden said; “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."

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 said the G7 would make an official announcement on the gold import ban on Tuesday.

Al Jazeera on Sunday added that this is as Ukrainian Foreign Minister Dmytro Kuleba 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.