US President Biden says G7 will announce ban on import of Russian gold amid Ukraine war

US President Joe Biden, who landed in Germany’s Munich on Sunday to participate in a Group of Seven (G7) meet, said that he, along with his G7 allies, will announce a ban on the import of Russian gold. In a tweet, the American leader asserted that the ban would deny Moscow "tens of billions" of dollars that it rakes by selling the metal. According to statistics, the Russian Federation is the sixth-largest exporter of gold in the world, accounting for 4.4% of the global supply. 

Biden also reasserted that the United States has imposed unprecedented costs on Putin to "deny him the revenue he needs to fund his war against Ukraine". Leaders from seven of the world’s largest economies are meeting in Germany’s Bavarian Alps on June 26-28 where they will discuss the globe’s most pressing issues. However, the prime focus remains on Russia's invasion of Ukraine and its repercussions on the global economy. 

US glad about India's participation in the Summit 

The US is 'glad' that India is taking part in the G7 summit as deliberations with New Delhi will include climate change, energy, and food security, said US Defence Department spokesperson John Kirby, during a press briefing on the agenda of the much-awaited global forum of world's richest economies. He clarified that India's invitation to the Group of Seven (G7) stemmed from the "deep and diverse" relations and not to wean them away from Russian oil amid the ongoing war in Ukraine. Sullivan further stated that the G7 leaders hope to unify around a set of common principles and initiatives with India and not coax them away from "other association or partnership." 

"We are glad India is coming there is a lot to discuss on agenda with India," Kirby said.

The Group of Seven (G7) includes the United States, Canada, France, Germany, Italy, Japan and the United Kingdom, the heads of which hold an annual summit with the European Union and other invitees. This year, the list of non-member invitees includes India, Indonesia, South Africa, Argentina and Senegal. PM Modi, on Sunday, arrived in the German city to attend the meeting.

(Image: AP)