Amid Ukraine war, G7 to ban gold import from Russia

Washington : Russia's invasion in Ukraine had led to a bunch of sanctions over Putin's nation from the west. In the latest development, the United States has claimed that G7 nations will make an official statement on Tuesday to ban the import of gold from Russia.

The leaders from G7 nations are scheduled to meet on Tuesday for the annual summit.

The prime topic of discussion at the annual summit will be over the inflation and solutions to keep it under control. The nations will also discuss ways to punish Moscow for its actions in Ukraine.

According to reports, hours before the G7 annual summit, Russia launched a missile attack on Ukraine, targeting two residential buildings in Kyiv.

After energy, gold is the second biggest asset that allows Russia to mark its presence in the global market. With a ban on imports by G7 nations, it is likely that Russia will take a big hit.

Joe Biden's Biden's Twitter feed said Russia “rakes in tens of billions of dollars” from the sale of its gold, its second-largest export after energy.