The leader of the free world met with his G7 counterparts and later announced an 'unprecedented' move against Russian President Vladimir Putin that is set to cost the dictator tens of billions of dollars.
The leaders of the seven richest nations in the world is set to make an announcement to the export of the mineral at the three-day G7 gathering in Munich this week.
US President Joe Biden confirmed he and G7 leaders will ban the import of Russian in hopes of cutting the funding to the Ukraine war for President Vladimir Putin. Picture: Sean Gallup/Getty Images "The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine," he said on Twitter overnight.
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.Gold exports is a major source of revenue for Russia and its ability to transact with the global financial system.Wealthy Russian billionaires have been buying bullion after dozens of countries placed economic sanctions on companies and oligarchs.
British Prime Minister Boris Johnson said the gold ban"will directly hit Russian oligarchs and strike at the heart of Putin's war machine".
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