Biden AdministrationUkraine InvasionInflationEnergyCybersecurity

U.S. to join Group of 7 in ban of new Russian gold imports to hit Putin

June 25, 2022, 5:19 PM UTC
A view of Krastsvetmet Precious Metals production facility in Krasnoyarsk, Russia on March 10. The Krasnoyarsk facility contributes to the country's economy as the only comprehensive facility that produces and processes gold and platinum group metals including, palladium, rhodium, iridium, ruthenium, and osmium. Krastsvetmet produces precious metals in the form of bars, granules, powders and chemical compounds, as well as jewelry and engineering products.
Alexander Manzyuk/Anadolu Agency via Getty Images

U.S. President Joe Biden and fellow Group of Seven leaders will agree to announce a ban on new gold imports from Russia, a person familiar with the plan says, the latest sanctions imposed after the Russian invasion of Ukraine.

The leaders will announce the joint pledge at their summit in Germany, which runs Sunday through Tuesday, the person said, speaking on condition of anonymity ahead of an announcement. The U.S. Treasury Department will issue a ban on Tuesday, prohibiting U.S. imports.

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