No More Russian Gold, Sanctions Bite

In reaction to the war in Ukraine, President Biden declared on June 26 that the Group of Seven nations would prohibit Russian gold.


According to Biden, “the United States imposed on Putin extraordinary costs to deny him the cash he needs to support his conflict against Ukraine.”

“The G-7 will jointly declare that we would forbid the purchase of Russian gold, a significant export that generates tens of billions of dollars in revenue for Russia.”

The White House prepared a formal statement for June 28.

On the first day of the summit, Biden, as well as other world leaders, met to explore ways to guarantee energy supplies and combat inflation.

This comes in an effort to prevent consequences of Russia’s incursion of Ukraine from fracturing the international coalition trying to punish Moscow.

As per the White House, gold will account for almost $19 billion, or around 5% of all gold exports worldwide, in 2020, making it one of the top two Russian exports in recent years, along with oil.

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Less than $200 million in gold was imported by the US through Russia in 2019, and less than $1 million each in 2020 and 2021.

A counselor to Ukrainian President Volodymyr Zelenskyy’s office said earlier on June 26, Russian missiles had targeted a location in Kyiv, killing at least one person.

“The Russians struck Kiev once more. A kindergarten and an apartment block were both damaged by rockets.

Ukraine “needs modern missile defense systems severely,” Andriy Yermak wrote on Twitter, adding that Russia “should be branded a supporter of terrorism ASAP.”

On June 26, UK Prime Minister Boris Johnson appeared to draw attention to the lack of focus on Ukraine, particularly in light of the country’s historic high gas and inflation rates.

How can the West and the United States “fight Ukraine weariness at a time when so many western countries are grappling with serious difficulties at home?” This was Johnson’s opening query from CNN’s Jake Tapper.

Do you fear that the link between the war in Ukraine and rising energy costs will lead people in the UK and the US to conclude that the conflict is not worthwhile?

The Support for Ukraine

Johnson responded by stating that continuing to support Ukraine is worthwhile since the consequences of Russian President Vladimir Putin’s success would be “extremely devastating.”

Since the crisis began on February 24, the US has given Ukraine military aid worth tens of billions.

Johnson told the publication, in reference to the White House’s vow of $46 billion to aid Ukraine, “I would think that is a fair price to pay.”

U.S. Secretary of State Antony Blinken stated because Moscow “cannot obtain what it needs to modernize its defense sector, to update its science, or to modernize its energy explorations, each of these areas would gradually deteriorate.”