Biden announced an embargo on Russian gold/Getty Images
< strong _ngcontent-sc88="">US President Joe Biden announced an embargo on Russian gold by the G7. The head of the White House noted that the export of gold brings Russia tens of billions of dollars.
The G7 leaders should announce this decision at the leaders' summit. It is to attend this summit that Joe Biden arrived in Germany.
Russia will be deprived of sources of financing the war
Joe Biden stressed that the United States is doing everything to deprive Russia of sources of financing the war against Ukraine. Therefore, the G7 countries agreed to the gold embargo of the aggressor country.
In total, the G7 will announce that we will ban the import of Russian gold, the main export that brings Russia tens of billions of dollars, Biden said.
According to SkyNews, the United States, Canada, Japan and the United Kingdom agreed to the Russian gold embargo. At the same time, whether France, Italy and Germany have already agreed to the new restrictions is still unknown.
Curious!Russia is among the top ten countries in the world in terms of gold mining. Specifically, this production is the main non-energy sponsor of the Russian economy. Russia produces about 10% of the gold mined in the world annually. Its gold holdings have tripled since the annexation of Crimea in 2014. Russia's revenue from the sale of gold averages about $16.5 billion. Therefore, this embargo can have serious consequences for the economy of the aggressor country.
G7 summit: the main thing
On June 26, the summit of the G7 leaders – the USA, Canada, Great Britain, Germany began in Elmau Castle in the Bavarian Alps , France, Italy and Japan. In addition, the meeting is attended by the President of the European Commission Ursula von der Leyen and the head of the European Council Charles Michel. Representatives of the authorities of Indonesia, India, Senegal, Argentina and the Republic of South Africa are invited for a wider format.
The meeting will discuss the next steps to counter Russian aggression, as well as a number of global economic and environmental issues.
After the summit, the G7 leaders will travel to Madrid, where a NATO summit will take place on June 29-30.
Both meetings will take place against the background of the Russian invasion of Ukraine, as well as a global surge in inflation, the threat of a recession and a growing problem from China threatening Taiwan.