G-7 to announce ban on Russian gold in response to Ukraine war, White House says
Headline from CBS News
Senior Biden administration officials said gold is Moscow's second largest export after energy, and that banning imports would make it more difficult for Russia to participate in global markets.
CBS News's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Russian forces unleashed a barrage of missile attacks Sunday in Ukraine, as the U.S. and its allies planned to ban gold from Russia to further isolate Moscow from global markets.
Senior Biden administration officials said gold is Moscow's second largest export after energy. Banning imports would make it more difficult for Russia to participate in global markets, they said.
A new ban on Russian gold is the latest in a series of sanctions that the seven leading economies hope will further isolate Russia over its invasion of Ukraine.
The leaders of the G-7 nations will announce a ban on Russian gold imports for Moscow’s unprovoked invasion of Ukraine, U.S. President Joe Biden confirmed on Sunday morning.
Senior Biden administration officials said gold is Moscow's second largest export after energy, and that banning imports would make it more difficult for Russia to participate in global markets.
The G7 Summit opened Sunday with leaders planning new bans on imports of Russian gold - and more oil and gas sanctions - in the latest moves intended to further isolate Russia economically.
President Biden said Sunday that the U.S. and other G-7 nations will ban imports of gold from Russia, the latest in a series of sanctions that the club of democracies hopes will further isolate Russia economically over its invasion of Ukraine.
President Joe Biden said Sunday that the Group of Seven leading economies will announce a ban on Russian imports of gold because of the war on Ukraine.
Senior Biden administration officials said gold is Moscow's second largest export after energy, and that banning imports would make it more difficult for Russia to participate in global markets.
Russia gained more than $15 billion from its global gold exports in 2021 although its exports to the United States and Europe shrank following the initial round of Western sanctions.
The Biden administration and the G7 have agreed to ban Russian gold imports in order to impose further financial hardships on Moscow over its invasion of Ukraine
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