Biden: G-7 Countries Will Ban Russian Gold in Response to Ukraine War

U.S. President Joe Biden speaks at the "Global Infrastructure" side event as Prime Minister of Japan Fumio Kishida and Canadian Prime Minister Justin Trudeau look on during the G-7 summit at Schloss Elmau near Garmisch-Partenkirchen, Germany, on June 26, 2022. Sean Gallup/Getty Images

President Joe Biden announced on June 26 that the Group of Seven countries will ban Russian gold in response to the conflict in Ukraine.

“The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine,” Biden said. “Together, the G-7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia.”