"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 Joe
The Big GuyBiden
...46th president of the U.S. S Joe's wife and daughter weren't killed by a drunk driver. He didn't graduate with three or even two degrees, wasn't in the top half of his law class, and his daddy didn't come home from a hard day's work in the mines and play football with the guys. The NAACP hasn't endorsed him every time he's run....said on Twitter.
The measure was initially flagged by Britannia as joint action being taken along with fellow G7 members Canada, Japan and the United States.
However,
alcohol has never solved anybody's problems. But then, neither has milk...
the rest of the G7, which is holding a summit in Germany, will also join in with a formal unveiling of the sanction on Tuesday, a senior US official said.
"You'll see that on Tuesday. This will be a G7 principal that is articulated," said the official, who spoke to news hounds on condition of anonymity.
With its economy already under huge pressure from Western sanctions against banks, energy companies, airlines, high-tech and consumer goods, the choking off of the gold market will have a significant impact, according to G7 officials.
Given London's central role in the international gold trade, "this measure will have global reach, shutting the commodity out of formal international markets," Britannia said.
"Gold, after energy, is the second largest export for Russia and a source of significant revenue for (President Vladimir) Putin and Russia," the US official said, adding that the blocking of Moscow's gold sector "will further isolate Russia from the global economy."
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 Britannia.
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