Tuesday, August 16, 2022

Biden urges G7 to stay together as leaders target Russian gold, oil price

Biden urges G7 to stay together as leaders target Russian gold, oil price
June 27, 2022 Web Desk

SCHLOSS ELMAU, Germany (Reuters) - US President Joe Biden told allies "we have to stay together" against Russia on Sunday as G7 leaders gathered for a summit dominated by war in Ukraine and its impact on food and energy supplies and the global economy.

At the start of the meeting in the Bavarian Alps, four of the Group of Seven rich nations moved to ban imports of Russian gold to tighten the sanctions squeeze on Moscow and cut off its means of financing the invasion of Ukraine.

But it was not clear whether there was G7 consensus on the plan, with European Council President Charles Michel saying the issue would need to be handled carefully and discussed further.

Britain, the United States, Japan and Canada agreed the ban on new Russian gold imports, the British government said on Sunday.

Britain said the ban was aimed at wealthy Russians who have been buying safe-haven bullion to reduce the financial impact of Western sanctions. Russian gold exports were worth $15.5 billion last year.

The G7 leaders of Britain, France, the United States, Germany, Japan, Italy and Canada, were also having "really constructive" talks on a possible price ...