Elmau, Germany

United States President Joe Biden said that the Group of Seven (G7) countries, whose leaders start their summit in Germany Sunday, will announce a ban on gold imports from Russia due to its invasion of Ukraine.

"Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia," announced Biden on Twitter.

The US president added that "the United States has imposed unprecedented costs on (Russian President Vladimir) Putin to deny him the revenue he needs to fund his war against Ukraine."