WASHINGTON (Archyde.com) – U.S. President Joe Biden and his counterparts in the Group of Seven will agree to ban the import of new gold from Russia as they expand sanctions against Moscow over its war on Ukraine, a source familiar with the matter told Archyde.com on Saturday.
According to the source, the US Treasury will issue a decision to ban the import of new gold into the United States on Tuesday, in a move aimed at further isolating Russia from the global economy by preventing its participation in the gold market.
Russia produces about 10 percent of the gold mined worldwide each year. Its gold holdings have tripled since it annexed Crimea in 2014. The ban on Russian gold imports will be the latest in a series of sanctions targeting Moscow since its attack on Ukraine on Feb. 24.