“The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine,” Biden said on Twitter.

“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,” he added.

The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against 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.

— President Biden (@POTUS) June 26, 2022

The official announcement will come on Tuesday, a senior administration official said, adding that The United States Treasury will issue a determination to prohibit the import of new gold into the United States on Tuesday, which will further isolate Russia from the global economy by preventing its participation in the gold market.

G7 leaders will meet from Sunday until Tuesday for a summit that is expected to be dominated by discussions about the fallout from the Russian aggression against Ukraine. (ILKHA)