World powers have agreed to ban gold exports from Russia in new concerted action to cut off Russia's financial lifeline.
Russian President Vladimir Putin speaks with Russian Defence Minister Sergei Shoigu in Moscow. The new ban from four G7 nations aims to stop oligarchs from buying gold to avoid the impact of sanctions imposed on Russia.World powers agreed to ban gold exports from Russia, in new concerted action to cut off Moscow's financial lifeline as G7 leaders met in southern Germany to lock down new support for Ukraine.
As well as the gold import ban, G7 leaders were also having "really constructive" talks on a possible price cap on Russian oil imports, a German government source said. From soaring inflation to a looming food crisis and energy shortages, Russia's invasion of Ukraine, now in its fifth month, has mired the world in a series of crises.
According to the White House, Russia accounted for about five percent of all gold exports in 2020 and 90 percent of Russia's output went to G7 countries - mostly to Britain.Western allies have been scrambling to co-ordinate their response since Russia sent its troops flooding into Ukraine on 24 February.
At the same time, they will aim to minimise "as much as possible the effect of these rising oil prices and the way has weaponised energy".Just six months back, the global economy had been poised for a huge post-pandemic recovery but it is now staring down the barrel of a recession.
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