G-7 to announce ban on Russian gold in response to Ukraine war, White House says

6/26/2022 11:30:00 PM

During the first day of the G7 summit, President Biden said the entire world is feeling the impact of Russia’s war in Ukraine and its affect on the global energy markets.

During the first day of the G7 summit, President Biden said the entire world is feeling the impact of Russia’s war in Ukraine and its affect on the global energy markets.

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.

The officials spoke on condition of anonymity to discuss details before the announcement.Russian strike traps Kyiv woman in rubble Link Share to Twitter Email this article Emergency responders in Kyiv are working to free a woman from the top floor of a residential building that was hit by a Russian strike on Sunday morning.June 26, 2022 Russian forces struck the same area on April 29 and hit the same complex, killing Ukrainian journalist Vira Hyrych, a resident of the building."Since the start of June, the Russian high command has highly likely removed several Generals from key operational command roles in the war in Ukraine," the ministry said in its daily Twitter update.

The U.S.At least one civilian was killed in Sunday’s strike, local officials said.Treasury will issue a determination to prohibit the import of new gold into the United States on Tuesday, which will further isolate Russia from the global economy by preventing its participation in the gold market, a senior administration official said.She was not sure whether he had been killed or could still be rescued alive.U.-ABC News’ Tom Soufi Burridge Missiles strike central Kyiv residential neighborhood Link Share to Twitter Email this article A series of Russian missiles struck a residential area of Kyiv, Ukraine, on Sunday morning, local officials said.S.

President Joe Biden attends the first day of the three-day G-7 summit at Schloss Elmau on June 26, 2022 near Garmisch-Partenkirchen, Germany."There are people under the rubble.A first responder who gave his name only as Volodymyr sat in a vehicle with two search-and-rescue dogs, waiting for word that the site was clear enough for them to begin searching for more survivors.Sean Gallup / Getty Images Boris Johnson said the ban on Russian gold will"directly hit Russian oligarchs and strike at the heart of Putin's war machine," a reference to Russian President Vladimir Putin."Putin is squandering his dwindling resources on this pointless and barbaric war.Rescuers continue to work, medics are on site.He is bankrolling his ego at the expense of both the Ukrainian and Russian people," Johnson said.“Putin is shooting at a kindergarten,” Gerashchenko said."We need to starve the Putin regime of its funding.At least one residential building appeared to have had sections of its facade sheared off, photos from the scene showed.

" In recent years, gold has been the top Russian export after energy — reaching almost $19 billion or about 5% of global gold exports, in 2020, according to the White House.Of Russian gold exports, 90% was consigned to G-7 countries."Several explosions in the Shevchenkivskyi district," Klychko said.The first two explosions woke him up just after 6 a.Of these Russian exports, over 90%, or nearly $17 billion, was exported to the UK.The United States imported less than $200 million in gold from Russia in 2019, and under $1 million in 2020 and 2021.Residents are being rescued and evacuated in two houses.Biden arrived in Germany's picturesque Bavarian alps early Sunday to join his counterparts for the annual meeting of the world's leading democratic economies.Originally from Donetsk in eastern Ukraine, Brazytsky fled his home eight years ago to avoid the conflict there.

Reverberations from the brutal war in Ukraine will be front and center of their discussions.At least one missile was shot down by Ukrainian air defenses, Oleksiy Kuleba, head of the Kyiv regional administration, said on Telegram.Biden and the allies aim to present a united front in support of Ukraine as the conflict enters its fourth month.Unity was the message Biden took into a pre-summit sit-down with German Chancellor Olaf Scholz, who holds the G-7′s rotating presidency and is hosting the gathering.-ABC News' Natalia Kushnir Ukrainian forces to retreat from Severodonetsk Link.They are probably doing the same thing here."We've got to make sure we have us all staying together.You know, we're gonna continue working on economic challenges that we face but I think we get through all this," Biden said.

Scholz replied that the"good message" is that"we all made it to stay united, which Putin never expected," a reference to Russian President Vladimir Putin."We have to stay together, because Putin has been counting on, from the beginning, that somehow NATO and the G7 would splinter, but we haven't and we're not going to," Biden said."We can't let this aggression take the form it has and get away with it." Biden and the leaders of Britain, Canada, France, Germany, Italy and Japan, plus the European Union, were spending Sunday in both formal and informal settings, including working sessions on dealing with the war's effects on the global economy, including inflation, and on infrastructure.Biden was formally launching a global infrastructure partnership designed to counter China's influence in the developing world.

The initiative aims to raise $600 billion over the next five years with the U.S.contributing $200 billion through private investment and government funding, the White House said.European Union Council Commission President Ursula von der Leyen, Prime Minister of Japan Fumio Kishida, Prime Minister of Canada Justin Trudeau, German Chancellor Olaf Scholz, German Chancellor Olaf Scholz and European Union Council President Charles Michel look on as US President Joe Biden speaks about the global infrastructure partnership during the G-7 summit in Schloss Elmau on June 26, 2022 near Garmisch-Partenkirchen, Germany.Stefan Rousseau / Getty Images Among the issues to be discussed are price caps on energy, which are meant to limit Russian oil and gas profits that Moscow can put to use in its war effort.

The idea has been championed by U.S.Treasury Secretary Janet Yellen.A senior German official, speaking on condition of anonymity consistent with department rules, said the U.S.

idea of price caps was being discussed intensely, in terms of how it would work and how it would fit with the U.S., EU, British, Canadian and Japanese sanctions regimes.Officials were also set to discuss how to maintain commitments to addressing climate change while also solving critical energy supply needs as a result of the war."There's no watering down of climate commitments," John Kirby, a spokesman for Biden's National Security Council, said Saturday as the president flew to Germany.

Biden is also set Sunday to formally launch a global infrastructure partnership designed to counter China's influence in the developing world.He had named it"Build Back Better World" and introduced the program at last year's G-7 summit.Kirby said Biden and other leaders would announce the first projects to benefit from what the U.S.sees as an"alternative to infrastructure models that sell debt traps to low- and middle-income partner countries, and advance U.

S.economic competitiveness and our national security." After the G-7 wraps up on Tuesday, Biden will travel to Madrid for a summit of the leaders of the 30 members of NATO to align strategy on the war in Ukraine.War in Ukraine.

Read more:
CBS News »
Loading news...
Failed to load news.

Joe Biden ( at G7 meetings ) should stay out of country until after the midterm elections, give Democrats a much needed break. Blog1600Penn All b.s. as the entire world is not feeling it. Only g7 nato countries are blocking and putting blockades in logistics. This is affecting citizens across the globe. Not Russia itself.

With that attitude the economy’s only going to get worse. No it's a Democratic Party war.😡😡😡😡 Who elects these people? Excessive quantitative easing, increasing the money supply and rising historical debt levels in the U.S. and Europe is what’s been driving inflation up, not the war in Ukraine. Well I guess thats his story and he’s sticking to it.

No one is buying his 💩 anymore…. Old batteries are bad for the environment.

Russia-Ukraine live updates: Ukraine granted candidate status for EU membershipUkraine-Russia latest: A series of Russian missiles struck a residential area of Kyiv, Ukraine, on Sunday morning, local officials said. More Bio-labs intercepted 💥💥💥 Pull hairs, well, I’m an early dater. I like to go down early in a relation, but getting there. Yeah, they know. A drink or two or how much time that they have, and jeans pull off. Her hand in my hair free. Yeah, how many locks do I have? Why would I trust you to report international news when you botched local news for so long?

Shocking hammer damage hell dangerous exiled dictator Biden over exchange exile 2 dictators Putin and Modi lied 🇮🇳🇮🇳🇮🇳🇮🇳🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷🐷

Russia-Ukraine war live updates: Strikes hit Kyiv; Biden says G-7 will ban Russian gold importsRussian airstrikes early Sunday disrupted a recent sense of relative calm in Ukraine’s capital city since Russian forces withdrew this spring and refocused their efforts on other parts of the country. Follow our live updates:

Britain: Russia has removed several key generals from UkraineThe British defence ministry said on Saturday that Russia had likely withdrawn several generals from key command roles in the Ukraine conflict this month. Ukrainians have been doing a good job of removing them too. Wonder where they will end up. Better hooe they have warm underwear! Russia should remove all of them What are they looking for in Ucraine?

4 months into the Russia-Ukraine war: What happened today (June 24)A roundup of key developments and the latest in-depth coverage of Russia's invasion of Ukraine.

Ukraine Retreats From Embattled City, as Russia Grinds OnAfter weeks of bloody street fighting and months of withering artillery fire, Ukrainian forces will withdraw from Sievierodonetsk, a city that President Volodymyr Zelensky once said would determine the “fate” of the Donbas region of eastern Ukraine Good. One more step closer to peace! 👍

Russia hits Ukraine with air strike from Belarus for first time: KyivUkrainian officials said Saturday that Russia fired missiles from Belarus to drag the country 'into the war in Ukraine as a direct participant.' Why can’t the so-called world leaders get a peace accord? Whose interest it is to continue another senseless war? A bit surprised normally wily Lukashenka is drawn in like this. Perhaps Putin promised to keep him in lifetime power in a post-war Belarusian-Russian union = Belarus as vassal state is complete.