Biden announces G-7 Russian gold ban amid Ukraine war – Riverside, California

Riverside, California 2022-06-26 06:32:45 –

Britain’s Prime Minister Boris Johnson said, “We need to starve Putin’s funding.”

President Joe Biden A group of the United States and seven other major economies said on Sunday that it would ban gold imports from Russia. It is the latest in a series of sanctions that the Democratic Club wants to further isolate Russia economically over its invasion of Ukraine.

A formal announcement was scheduled for Tuesday as leaders hold their annual summit.

Biden and his counterparts will discuss how to secure energy supply and tackle inflation on the opening day of Sunday’s summit, and Russia’s invasion of Ukraine so as not to split the global coalition working to punish Moscow. Aim to prevent fallout from.

A few hours before the summit officially opened, Russia launched a missile strike against the Ukrainian capital on Sunday, attacking at least two homes, Kyiv mayor Vitali Klitschko said. They were the first such strike by Russia in three weeks.

A senior Biden administration official said gold is Moscow’s second-largest export after energy, and a ban on imports would make it more difficult for Russia to enter the global market. Officials discussed details prior to the announcement, subject to anonymity.

Britain’s Prime Minister Boris Johnson said Russia’s ban on gold “attacks Russia’s oligarchs directly and attacks the center of Putin’s war machine,” referring to Russian President Vladimir Putin.

“Putin is wasting his diminishing resources in this meaningless and barbaric war. He is bankrolling his ego at the expense of both Ukrainians and Russians,” Johnson said. rice field. “We need to starve the Putin administration’s money.”

According to the White House, gold is Russia’s largest export after energy in recent years, reaching about $ 19 billion in 2020, or about 5% of the world’s gold exports.

Of Russia’s gold exports, 90% were outsourced to G7 countries. Of these Russian exports, more than 90%, or nearly $ 17 billion, were exported to the United Kingdom. The United States imported less than $ 200 million in gold from Russia in 2019 and less than $ 1 million in 2020 and 2021.

Biden arrived in Germany’s beautiful Bavarian Alps early Sunday and attended the annual meeting of the world’s leading democratic economy. The response from the brutal war in Ukraine will be central to their debate. Biden and his allies aim to present a united front to support Ukraine as the conflict enters the fourth month.

The unification was the message that Biden incorporated into the sit-in before the summit meeting with German Chancellor Olaf Scholz, who is the replacement chair of the G7 and is hosting the rally.

“We need to make sure that we are all together. As you know, we will continue to tackle the financial challenges we face, but we have overcome all of this. I think there is, “Biden said.

Scholtz replied that the “good message” was a reference to Russian President Vladimir Putin, “all of us remain united, and Putin did not expect it.”

“President Putin had expected NATO and the G7 to split from the beginning, so we have to be together. This aggression takes the form it has and overcomes it. . “

Byden and the leaders of the United Kingdom, Canada, France, Germany, Italy, Japan and the European Union, both formal and informal, including working sessions to address the impact of the war on the world economy, including inflation. Spent Sunday in the setting. On the infrastructure.

Among the issues discussed is the price limit for energy. It aims to limit the interests of Russian oil and gas that Moscow can use for war effort. This idea was endorsed by US Treasury Secretary Janet Yellen.

German officials have said that, subject to anonymity consistent with departmental rules, the US idea of ​​price caps works and fits into the US, EU, UK, Canada, and Japan. From this point of view, the sanctions system that stated that it was being discussed violently.

Authorities were also set up to discuss ways to maintain climate change efforts while resolving key energy supply needs as a result of the war.

“We will not undermine our climate change efforts,” said John Kirby, a spokesman for Biden’s National Security Council, when the president flew to Germany.

Biden is also set on Sunday to officially launch a global infrastructure partnership designed to counter China’s influence in developing countries. He named it “Build Back Better World” and introduced the program at last year’s G7 Summit.

Biden and other leaders see Biden and other leaders as “an alternative to an infrastructure model that sells debt traps to low- and middle-income partners and advances U.S. economic competitiveness and national security.” He said he would announce the first project to benefit from.

After the G7 ends on Tuesday, Biden will travel to Madrid for a summit meeting of the leaders of 30 NATO members to coordinate their strategy on war in Ukraine.

Biden announces G-7 Russian gold ban amid Ukraine war Source link Biden announces G-7 Russian gold ban amid Ukraine war

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