Imports of Russian gold will be banned by the USA, UK, Canada, Japan, and Canada.

The G7 summit in Germany is also focusing on Russia's invasion and occupation of Ukraine. The news of the missile attack on the Ukrainian capital Kiev just hours earlier was the highlight of the G7 summit in Germany. Joe Biden, the president of the United States described it as "barbaric". Volodimir Zelenski, the Ukrainian president is also present at the meeting today.

The White House had previously stated that it was going to put more pressure on Russia and would make a number of concrete proposals. A new set of sanctions is another way to refer to the Kremlin. Biden tweeted the following Sunday: "Together the G7 will announce we will ban Russian Gold, one of our main export sources, which will deprive Russia billions of dollars."

While we waited for an announcement from the summit in Elmau at the end, which was scheduled for Monday, the United Kingdom and Canada joined the United States in the final hours to announce its intent to ban imports of Russian gold.

Boris Johnson, the British Prime Minister, said that the measures would directly affect the Russian oligarchs as well as the heart of Putin's war machine. According to London, Russia is a major producer of gold. Its exports were worth $15.5 billion in 2021.

"Putin is wasting his resources in this barbaric and futile war. Johnson stated that Putin feeds on his ego at cost of the Ukrainians and Russians. The British government stated in a statement that banning Russian gold imports would have "a significant impact on Putin’s ability to raise money."

Olaf Scholz (German Federal Chancellor, host of the G7 Summit), stated that he would propose measures to support Ukraine in the long-term and the creation of a Marshall Plan for reconstruction. It could be similar to what was used in Germany and other European nations after World War II.