U.S. President Joe Biden and his G7 counterparts will agree on an import ban on new gold from Russia as they broaden sanctions against Moscow for its war against Ukraine, a source familiar with the matter told Reuters on Saturday.
The United States has rallied the world in imposing swift and significant economic costs on Russia to deny President Vladimir Putin the revenue he needs to fund his war.
According to the source, the U.S. Treasury Department will issue a determination to prohibit the import of new gold into the U.S. on Tuesday, which will further isolate Russia from the global economy by preventing its participation in the gold market.
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