US Treasury to Announce Plan to Ban Russian Gold Exports
Russia Accounts for 10% of Global Gold Production
[Asia Economy International Department Reporter] U.S. President Joe Biden and other leaders of the Group of Seven (G7) are expected to impose controls on gold exports as part of additional sanctions in response to Russia's invasion of Ukraine.
According to Bloomberg and other foreign media citing anonymous sources, the G7 leaders, including President Biden, are expected to discuss such measures at the meeting starting on the 26th (local time), the 25th.
The U.S. Treasury Department is reportedly set to announce a plan on the 28th to ban gold exports from Russia. Russia accounts for 10% of the world's gold production.
While the West has not yet directly banned Russia's gold exports, transactions involving Russian gold have effectively ceased since the Ukraine crisis.
John Kirby, spokesperson for the U.S. National Security Council (NSC), held a separate briefing on the plane to Germany for President Biden's attendance at the G7 summit, explaining that the G7 leaders plan to discuss additional sanctions against Russia.
Spokesperson Kirby said, "We expect the G7 leaders to explore ways to make Putin pay the price for the war he started."
President Biden is scheduled to attend the G7 summit held from the 26th to the 28th at Schloss Elmau in the Bavarian Alps, Germany, and then travel to Madrid, Spain, to participate in the North Atlantic Treaty Organization (NATO) summit.
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