Biden says G-7 will ban Russian gold imports over war on Ukraine
Fox News
President Joe Biden said Sunday that the Group of Seven leading economies will announce a ban on Russian imports of gold because of the war on Ukraine.
According to senior Biden administration officials, gold is Russia's second-largest export and banning imports would make it harder for the country to participate in global markets.
Gold has been the biggest Russian export behind energy in recent years, reaching almost $19 billion or about 5% of global gold exports in 2020, according to the White House.
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