Bavarian alps: The G7 partners are set to agree on banning imports of gold from Russia. Britain, US, Japan and Canada gave the proposal and urged to enforce the ban. France, Germany and Italy supported the proposal.
Senior US administration officials said gold is Moscow's second largest export after energy. Banning imports would make it more difficult for Russia to participate in global markets, they said.
Biden's Twitter feed said Russia “rakes in tens of billions of dollars” from the sale of its gold.
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. 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.
The UK also was expected to announce Sunday that it will ban Russian gold imports, followed by a formal announcement Tuesday involving all G-7 countries, according to the Biden administration officials, who spoke on condition of anonymity to discuss details before the announcement.
President Joe Biden told allies "we have to stay together" against Russia, as world leaders met on Sunday at a G7 summit in the Bavarian Alps that will be dominated by war in Ukraine and its painful impact on food and energy supplies across the globe.
The summit takes place against an even darker backdrop than last year, when the leaders of the G7 countries - Britain, Canada, France, Germany, Italy, Japan and the United States - met for the first time since the start of the COVID-19.
As delegates arrived at Schloss Elmau, a castle at the foot of the Wetterstein mountains, they were greeted with flowers as Bavarian mountain riflemen stood to attention in the sunshine.
Leaders are expected to discuss options for tackling rising energy prices and replacing Russian oil and gas imports. They also want to avoid sanctions that could stoke inflation and exacerbate the cost-of-living crisis affecting their own populations.
Soaring global energy and food prices are hitting economic growth in the wake of the conflict in Ukraine, with the United Nations warning of an "unprecedented global hunger crisis".