G-7 summit in Elmau: States want import ban on Russian gold

According to US President Joe Biden, the G-7 states want to announce an import ban on Russian gold at their summit in Bavaria.

Biden said on Twitter on Sunday that Russia would lose tens of billions of dollars in revenue from this important export commodity.

Because of the Russian war of aggression against Ukraine ordered by Kremlin chief Vladimir Putin, the G-7 countries have imposed tough sanctions on Moscow.

Biden wrote, "The United States has imposed unprecedented costs on Putin to deprive him of the revenue he needs to fund his war against Ukraine." States would officially announce the import ban on Tuesday, the last day of the summit at Schloss Elmau.

"This will further isolate Russia from the world economy." Gold is Russia's second most important export after energy.

Further steps are to be expected in the future "which should continuously increase the pressure on Putin and Russia," said the government representative.

"I think that the collective efforts of the G7 in terms of sanctions, export controls and other measures against Russia are having a dramatic effect on the Russian economy." The Russian economy is expected to shrink significantly this year.

"These dramatic changes are due to the actions taken collectively by the G7."

Biden arrived at Schloss Elmau late Saturday evening.

It is his first visit to Germany since taking office in January 2021. Before the start of the G-7 summit this Sunday, he wants to meet Chancellor Olaf Scholz for bilateral talks.

"This meeting will provide a good opportunity to reaffirm the deep and enduring ties between our two countries," said a US administration official.

The focus of the conversation will be the Russian attack on Ukraine.

In addition to Germany and the USA, the G7 also includes Canada, Great Britain, France, Italy and Japan.

After the G-7 meeting, Biden plans to travel to the NATO summit in Madrid before returning to Washington on Thursday.

The focus of the top meetings of the G7 and NATO will be the Russian war of aggression against Ukraine and its consequences.

Only last Thursday, the United States announced further arms deliveries to Ukraine in the amount of 450 million dollars (about 428 million euros).

Since the start of the war four months ago, the US government has said it has pledged or already delivered weapons and equipment worth around 6.1 billion US dollars (5.8 billion euros) to Ukraine.