Biden anounces G7 will ban Russian gold in response to Ukraine war
President Joe Biden announced Sunday that the United States and its G7 allies will ban imports of Russian gold in another attempt to cut off Vladimir Putin’s funding for his war in Ukraine.
Biden tries to financially strangle Putin to end the invasion. The gold ban comes as the Russians continue to bring in billions from oil sales, despite bans from the US and other Western countries.
Gold is Russia’s second largest source of income after oil.
“The United States has imposed unprecedented charges on Putin to deny him the revenue he needs to fund his war against Ukraine,” Biden wrote on Twitter.
“Together, the G7 will announce that we will ban the import of Russian gold, an important export that brings in tens of billions of dollars for Russia.”
A formal announcement was expected Tuesday.
President Joe Biden announced on Sunday that the United States and its G7 allies will ban the import of Russian gold
The G7 countries again ban Russian gold imports as British Prime Minister Boris Johnson (left) urges the G7 to ‘starve’ Vladimir Putin (right) of funding for the war in Ukraine
The West has already imposed a series of sanctions on Russian oil, luxury goods and other items.
But questions remain about the effectiveness of those financial penalties.
“The short-term financial impact of the sanctions on the Russian economy has been significant but seems to have faded since May,” the report said. Center for Strategic and International Studies reported this month.
And Russian oil, the country’s biggest source of income, is still being bought – China and India are taking up the remaining space as the US and allies began banning Russian oil.
While oil sales fall, prices rise, bringing billions to Putin’s war.
Russia still pulls in $1 billion a day from its oil supply, the Center for Energy and Clear Sky Research found it.
The Biden administration says the sanctions are working.
“The US has mobilized the world and imposed rapid and significant economic costs. It will deny Putin any income he needs to fund his war. In this case, gold is the second largest export for Russia after energy and a source of significant income for Putin and Russia,” said a senior government official.
The official further said the impact of the sanctions’is intended to be cumulative, not just at this point, and we are already seeing the extent to which sanctions are affecting the productive capacity of the Russian economy, especially in sectors such as technology, such as defense, as other key important industries, and those effects are piling up only over time, so that Russia’s ability to wage war will diminish over time as a result of the collective steps taken by the G7.”
As G7 leaders gather in Germany, Russia ramps up its attacks in Ukraine. Russian forces attacked the capital Kiev for the first time in weeks, attacking at least two residential buildings.
Russia and its war in Ukraine will be “top of the list,” a senior government official said Sunday.
A view of the remote luxury hotel Schloss Elmau in Elmau, Germany, where President Joe Biden and the other leaders of the G7 meet
President Joe Biden arrived in Germany on Saturday evening for the G7 summit, he was greeted by Bavarian Prime Minister Markus Soeder and people in traditional German costume
Biden’s first day at the G& will be spent in meetings, including lunches and dinners, with his fellow leaders from the UK, Canada, Italy, Japan, France, Germany and the European Union. He will also participate in an official welcome ceremony and take a family photo.
The first formal session for the leaders of the world’s seven largest economies will be the economy and high food and gas prices resulting from both the invasion of Ukraine and the world emerging from the covid pandemic.
Like the United States, Germany, Canada and the United Kingdom are also experiencing record high inflation.
“The disruptions in general from Russia’s invasion of Ukraine, even if the leaders, including President Biden, will be focused on the challenge and the challenges and disruptions of the moment,” a senior government official said Sunday morning.
The president arrived in Germany on a Saturday night welcome on a red carpet – complete with flags and a playing band. A large group of people in traditional Bavarian costumes greeted him, along with Bavarian Prime Minister Markus Soder.
Two children, also in traditional costume, gave him a bunch of flowers.
Biden also signed the Bavarian state government’s Golden Book.