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G7 bans Russian gold – POLITICO

ELMAU, Germany — The G7 financial powers will ban imports of Russian gold in an extra tightening of the stranglehold Western nations have sought to impose in response to Russian President Vladimir Putin’s brutal battle in Ukraine.

U.S. President Joe Biden announced the plan because the G7 leaders had been because of arrive at a Schloss Elmau, the luxurious resort within the Bavarian Alps, for a summit the place discussions concerning the battle and the worldwide financial fallout are anticipated to dominate.

“Together, the G7 will announce that we’ll ban the import of Russian gold, a significant export that rakes in tens of billions of {dollars} for Russia,” Biden tweeted.

Western allies have imposed six rounds of punishing sanctions in response to the battle, a lot of them designed to decimate Russia’s largely extraction-based economic system. These have included bans on Russian oil, and intensive export controls geared toward denying Russia crucially-needed know-how.

Western allies have additionally been sending Ukraine provides of weapons and ammunitions at the same time as they’ve refused to immediately be a part of the combating.

The sanctions, whereas historic in scale and scope, have but to discourage Putin or lead him to drag again his armies, which are actually occupying massive swaths of southern and japanese Ukraine, together with a so-called land bridge to Crimea, the Ukrainian peninsula that Russia invaded and annexed in 2014.

Russian forces failed in an try and seize Kyiv, the capital, and topple the Ukrainian authorities, however they now appear intent on conquering and occupying the whole thing of Ukraine’s japanese Donbas area.

In a press release, the U.Okay. authorities confirmed the transfer, saying: “U.Okay., U.S., Japan and Canada will lead G7 to ban import of Russian gold, the nation’s greatest non-energy export.”

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