US, G7 Ban Russian Gold Despite Sanctions Fatigue

By Stefan J. Bos Chief International Correspondent Worthy News

MUNICH (Worthy News) – U.S. President Joe Biden says the United States and other Group of Seven (G7) countries will ban imports of gold from Russia to undercut its financing of Moscow’s war in Ukraine.

“Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia,” Biden wrote on the social network site Twitter.

Biden visited Germany’s Bavaria state, where he and other G7 leaders discussed Russia’s invasion of Ukraine and its global repercussions.

German Chancellor Olaf Scholz and President Biden were set to discuss with the leaders of Canada, France, Italy, Japan, and British proposals to increase pressure on Russia and extend support for Ukraine.

The sharp rise in food and oil prices worldwide, as well as inflation, were on the leaders’ agenda too.

Other nations — Argentina, India, Indonesia, Senegal, and South Africa — have been invited to participate in special sessions of the three-day meeting in the Bavarian Alps as well.

VIDEO LINK

Ukrainian President Volodymyr Zelenskyy was to address delegates via a video link. He was due to ask for more weapons and support as his nation’s outgunned military lost territory in the east amid relentless Russian shelling. On Sunday, even Ukraine’s capital Kyiv was hit by Russian missiles injuring several people.

The gathering also aimed to show unity and resolve over the war as the Western alliance has shown signs of tensions.

Voices in France, Germany, and Italy – wonder if it might not be better for the war to end, even at the cost of Ukraine ceding territory.

A recent cross-Europe opinion poll suggested some voters put solving the cost-of-living crisis ahead of punishing Russia. Energy and food prices are rising worldwide partly due to Western sanctions and the war in Ukraine.

Yet, Britain, as well as former communist-run Poland and the three Baltic States, say that would lead to further Russian aggression in the future.

President Zelensky was likely to stress this argument when he addressed the summit virtually on Monday.

Latest Worthy News