Biden: We have imposed unprecedented costs on Putin, and the G7 will also ban the import of Russian gold

"Together the G7 will announce that we will ban the import of Russian gold, a major export that brings Russia tens of billions of dollars"

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Biden in Munich before the start of the G7 Summit, Photo: Reuters

Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.

26.06.2022. 08:53h

The United States has imposed unprecedented costs on Vladimir Putin to deny him the revenue he needs to fund his war against Ukraine.

This was written on Twitter by US President Joseph Biden during the G7 Summit in Elmau Castle in the Bavarian Alps.

"Together the G7 will announce that we will ban the import of Russian gold, a major export that brings Russia tens of billions of dollars," Biden added.

The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine. 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.
- President Biden (@POTUS) June 26, 2022

Russia produces about 10 percent of the world's gold mined each year, and its gold holdings have tripled since it annexed Crimea in 2014.

The United States of America has united the Western world in imposing swift and harsh economic sanctions on Russia in order to deny Moscow the sources of income needed to finance the war in Ukraine, Reuters reminds.

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