US President Joe Biden said the United States has imposed unprecedented costs on Russian President Vladimir Putin to deprive him of the income he needs to finance the war against Ukraine. We will ban imports of Russian gold, a major export that brings in tens of billions of dollars. dollars for Russia.

In the same context, a US administration official noted that “the steps taken on gold are a very important example of steps that the G7 can take to isolate Russia from the world economy”, adding that “these are the main exports.” , main source of income and alternative. It is of key importance to Russia in terms of its ability to transact in the global financial system, and this move limits that ability.”

And he said that “the G7 countries will officially announce the cessation of imports on Tuesday, that is, on the last day of the summit, which will be held at the Elmau Palace in the southern German state of Bavaria,” and continued: “This will further isolate Russia from the world economy,” explaining that for Russia gold is the second most important export commodity after energy resources.

And a government official said: “It can be expected that other steps will be taken in the future that will constantly increase the pressure on Putin and Russia.”

It is noteworthy that the G7 countries have already imposed tough sanctions against Moscow against the backdrop of the Russian war in Ukraine.

Every year Russia produces about 10 percent of the gold mined in the world. His gold holdings have tripled since he annexed Crimea in 2014. The ban on Russian gold imports will be the latest in a series of sanctions against Moscow following the February 24 war in Ukraine.