Live updates | G-7 leaders plan ban on Russian gold imports



The Latest on the G-7 summit, the annual meeting of the leading democratic economies, which this year is being held in Germany’s Bavarian Alps.

ELMAU, Germany (AP) — The Latest on the G-7 summit, the annual meeting of the leading democratic economies, which this year is being held in Germany’s Bavarian Alps:

U.S. President Joe Biden says that the United States and other Group of Seven leading economies intend to announce a ban on imports of gold from Russia.

They hope that measure will further isolate Russia economically over its invasion of Ukraine.

Biden announced the step Sunday at the start of the G-7 annual summit, which this year is being held in Germany.

Senior Biden administration officials said gold is Moscow’s second largest export after energy, and that banning imports would make it more difficult for Russia to participate in global markets.

Biden’s Twitter feed said Russia “rakes in tens of billions of dollars” from the sale of its gold, its second largest export after energy.

Britain says gold exports were worth about $15.5 billion to the Russian economy in 2021 and that gold’s value for the Russian elite has increased since the war began, as wealthy Russians seek to skirt Western sanctions.

British Prime Minister Boris Johnson says a ban by G-7 countries on Russian gold will “directly hit Russian oligarchs and strike at the heart of Putin’s war machine.”

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KEY DEVELOPMENTS:

— U.S. President Joe Biden has arrived in Germany’s Bavarian alps for the annual G-7 meeting.

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OTHER DEVELOPMENTS:

Germany wants countries to join together in a ‘climate club’ to tackle global warming.

German Chancellor Olaf Scholz will push his plan at this year’s G-7 summit, which he is hosting from Sunday.

The ‘climate club’ idea was first floated by Yale economist William Nordhaus, who said the voluntary nature of existing climate agreements hasn’t brought sufficient progress.

Members of the club would agree on ambitious emissions targets and exempt each other from climate-related trade tariffs.

Experts say success depends on getting a critical mass of countries to join that would include major economies from Europe, North America and Asia.

That could put pressure on major polluters in the developing world, such as China and India, to step up their efforts or see their exports slapped with tariffs.

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U.S. President Joe Biden has arrived in Germany’s Bavarian alps for the annual meeting of the leading democratic economies, with the war in Ukraine and its consequences taking center stage.

Biden and his Group of Seven allies plan discussions on how to ensure energy supplies and tackle inflation against the backdrop of Russia’s invasion.

The G-7 summit also aims to make sure that the global coalition working to punish the Kremlin for the four-month-old war holds firm.

Biden was to begin his visit Sunday with a bilateral meeting with the summit’s host, German Chancellor Olaf Scholz.

In the afternoon Biden was to meet in both formal and informal settings with the leaders of Britain, Canada, France, Germany, Italy, Japan and the European Union.

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Follow AP’s coverage of the G-7 summit: https://apnews.com/hub/g-7-summit

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