World powers agree not to import gold from Russia

BERLIN: World powers on Sunday agreed to ban gold import 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.

US President Joe Biden and his counterparts from the world’s most industrialised nations are gathering at Elmau Castle in the Bavarian Alps before they continue on to Madrid for talks with Nato partners.

They will seek to close ranks in their backing for Ukraine against Russia’s invasion while grappling with the intensifying global fallout of the war.

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.

The leaders will also be confronted with the looming threat of recession as well as pressures over climate change.

In a show of their resolve to heap pressure on Moscow, the G7 announced that it will outlaw imports of Russian gold which the US said is the second-largest export for Russia and a significant source of revenue for Vladimir Putin and his allies.

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.

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