Image source, Getty ImagesRussia will be banned from imports by the UK, US, Canada, and Japan in order to hit Moscow's ability to fund the war in Ukraine.
According to the UK, the measure would hit the heart of Putin's war machine.
The UK says the importance of gold exports to Russia has increased since the invasion of Russia.
As the G7 group of the world's richest nations meet in Germany, it came as a result.
The other G7 nations would join the ban according to Biden.
He said that the G7 would announce that they would ban the import of Russian gold.
The Putin regime needs to be deprived of its funding. The United Kingdom and our allies are doing that.
The UK government said the move would have a huge impact on President Putin's ability to raise money.
Wealthy individuals, banks, businesses and state-owned enterprises have been hit with sanctions since Russia invaded Ukraine.
The US, European Union, UK and other countries have imposed sanctions on Russians.
Russian exports to the UK will be subject to import restrictions.
Legislation will be introduced in the coming weeks that will ban gold imports.
It doesn't affect gold that has been exported from Russia.
Before the import ban was put in place, there were no plans to restrict the purchase of Russian gold.
The international response to the war in Ukraine is expected to be one of the topics discussed at the G7 summit.
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