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G7 leaders meet to discuss action plan for Russia and inflation

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G7 leaders are meeting in the Bavarian Alps to discuss global inflation and continued pressure on Russia as the invasion of Ukraine continues with strikes in Kyiv.

The US, UK, Canada, and Japan will ban Russian gold imports in an attempt to cut funding from the regime of Russian president Vladimir Putin. US president Joe Biden has insisted that G7 nations must stick together in the fight against Putin, while other member countries decide if they want to join the ban. The official announcement is expected Tuesday (June 28).

The UK is by far the biggest importer of Russian gold. UK prime minister Boris Johnson said the ban will “directly hit Russian oligarchs and strike at the heart of Putin’s war machine.” Russia’s gold exports bring in around $19 billion in revenue each year, its largest known export after oil and gas.

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