Sunday 26 June 2022 09:24 AM Biden anounces G7 will ban Russian gold in response to Ukraine war trends now

Sunday 26 June 2022 09:24 AM Biden anounces G7 will ban Russian gold in response to Ukraine war trends now
Sunday 26 June 2022 09:24 AM Biden anounces G7 will ban Russian gold in response to Ukraine war trends now

Sunday 26 June 2022 09:24 AM Biden anounces G7 will ban Russian gold in response to Ukraine war trends now

President Joe Biden announced on Sunday that the United States and its G7 allies will ban imports of Russian gold in another attempt to cut off Vladimir Putin's funding for his war in th Ukraine. 

Biden is seeking to strangle Putin financially in order to end the invasion. The gold ban comes as Russian continues to rake in billions from oil sales despite bans from the U.S. and other western nations. 

Gold, after oil, is Russia's biggest revenue generator. 

'The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine,' Biden wrote on Twitter.

'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.'

A formal announcement was expected Tuesday. 

President Joe Biden announced on Sunday that the United States and its G7 allies will ban imports of Russian gold

President Joe Biden announced on Sunday that the United States and its G7 allies will ban imports of Russian gold

Boris Johnson

Vladimir Putin

The G7 countries re banning imports of Russian gold as UK Prime Minister Boris Johnson (left) urges the G7 to 'starve' Vladimir Putin (right) of funding for the Ukraine war

The West has already imposed a series of sanctions on Russian oil, luxury goods and other items.

But questions remain as the effectiveness of those financial punishments.

'The short-term financial impact of the sanctions on Russia's economy has been substantial but appears to have dissipated since May,' the Center for Strategic and International Studies reported this month. 

And Russian oil, the nation's biggest source of income, is still being purchased - China and India are picking up the slack left when the U.S. and allies started to ban Russian oil. 

While oil sales are down, prices are up, helping generate billions for Putin's war. 

Russia is still raking in $1 billion a day from its oil supply, the Center for Research on Energy and Clear Air found. 

The Biden administration argues the sanctions are working.

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