The US, UK, Canada, and Japan will ban Russian gold imports in an effort to cut funding from the regime of Russian president Vladimir Putin. The US, UK, Canada, and Japan will ban Russian gold imports in an effort to cut funding from the regime of Russian president Vladimir Putin. While other G7 nations decide if they want to join the ban, US president Joe Biden insists that they stick together in the fight against Putin. It is expected that the announcement will be made Tuesday.
The UK imports a lot of Russian gold. Boris Johnson said that the ban would hit the heart of Putin's war machine. Russia has the largest known gold export after oil and gas.
G7 leaders are expected to discuss how to fight rising energy prices. The US wants a price cap on Russian oil so that sanctions can be lifted for countries that buy Russian oil for no more than a set price. Russia can make a lot of money from its energy resources if it sets a maximum price for oil.
War in Ukraine, fuel shortages, and the covid pandemic are some of the compounding factors that are putting stress on the food supply chain. The UN is warning of an "unprecedented global hunger crisis." The cost of living in their home countries can be adversely affected by sanctions. The EU is cautious about the gold ban and oil price cap until more is known.
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