At the G7 summit, the US wants to increase pressure on Russia over the attack on Ukraine. Even before the top meeting begins, the US President announces a new punitive measure.
According to US President Joe Biden, the G7 countries want to announce an import ban on Russian gold at their summit in Bavaria.
Biden said on Twitter that Russia would lose tens of billions of dollars in revenue from this important export commodity. Because of the Russian war of aggression against Ukraine ordered by Kremlin chief Vladimir Putin, the G7 countries have imposed tough sanctions on Moscow.
The European Union is expected to join the plans for an import ban. EU Council President Charles Michel said at the G7 summit that he was confident that the Russian gold sector could be targeted in such a way that it would not itself become a victim of negative effects. “We want to target Russian financing of the war,” Michel said.
The import ban is to be officially announced on Tuesday
Biden wrote: “The United States has imposed unprecedented costs on Putin to deprive him of the revenue he needs to fund his war against Ukraine.” A senior US government official said in a telephone switchboard with journalists that the G7 countries would officially announce the import ban on Tuesday, the last day of the summit at Schloss Elmau. “This will further isolate Russia from the global economy.” Gold is Russia’s second most important export after energy.
Further steps are to be expected in the future, “which should continuously increase the pressure on Putin and Russia,” said the government representative. “I think the G7’s collective efforts on sanctions, export controls and other measures against Russia are having a dramatic effect on the Russian economy.” The Russian economy is expected to shrink significantly this year. “These dramatic changes are due to the actions taken collectively by the G7.”
“We have to stay together”
Biden arrived at Schloss Elmau late Saturday evening. It is his first visit to Germany since he took office in January 2021. Before the G7 meeting in Bavaria, Chancellor Olaf Scholz and Biden vowed the unity of the West in the face of Russia’s war of aggression against Ukraine. On the fringes of their bilateral meeting at Schloss Elmau, Scholz emphasized that we must continue to stand together. Russian President Vladimir Putin did not expect this unity. Biden thanked Scholz for the important role he played in this. The US President stressed that Putin expected the G7 and NATO to be split. That has not happened and will not happen.
In addition to Germany and the USA, the G7 also includes Canada, Great Britain, France, Italy and Japan. After the G7 meeting, Biden plans to travel to the NATO summit in Madrid before returning to Washington on Thursday.
The focus of the top meetings of the G7 and NATO will be the Russian war of aggression against Ukraine and its consequences. Only last Thursday, the United States announced further arms deliveries to Ukraine in the amount of 450 million dollars (about 428 million euros). Since the start of the war four months ago, the US government has said it has pledged or already delivered weapons and equipment worth around 6.1 billion US dollars (5.8 billion euros) to Ukraine.
Source: Stern
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