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G7 summit on Sunday: G7 countries want to ban gold imports from Russia

2022-06-26T08:25:20.436Z


The G7 summit is also marked by the Ukraine war. Great Britain, the USA, Japan and Canada announced before the start that they would extend their sanctions against Moscow. The news overview.


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Photo: Leonhard Foeger/ REUTERS

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Great Britain, USA, Japan, Canada ban gold import from Russia

9:00 a.m.:

Before the start of the G7 summit, Great Britain, the USA, Japan and Canada announced an expansion of their sanctions against Russia because of the Ukraine war.

The four G7 countries would “soon” put a ban on imports of Russian gold into force, the British government said.

Prime Minister Boris Johnson wants to urge the other states to take the step at the meeting of the major industrial powers at Schloss Elmau in Bavaria.

Gold is Russia's most important non-energy export, the British government said.

Exports were worth £12.6 billion (EUR 14.6 billion) to the Russian economy last year.

"Its value to the Russian elite has also increased in recent months as oligarchs buy bullion to avoid the financial impact of Western sanctions," Johnson said, according to the British government.

The step will “hit the Russian oligarchs directly” and attack “the heart of President Vladimir Putin’s war machine”: “We have to turn off the money supply to the Putin regime.”

There are also talks in the EU about sanctions against Russia in the gold trade.

So far, however, no decisions have been made on this.

The EU countries among the G7 countries are Germany, France and Italy.

US President Joe Biden – The shrunken American

Ukraine, sanctions, weapons, climate: the G7 summit is about the really big issues.

But the US President came to Schloss Elmau weakened.

America's democracy is faltering, Joe Biden's political future is in question.

Read more about Biden's role at the summit here. 

What was important on Saturday

  • Nine arrests after G7 protest in Munich

  • Söder welcomes all G7 bosses - except Scholz

  • That's what Scholz' castle summit is all about

sak/dpa

Source: spiegel

All news articles on 2022-06-26

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