<p>Ukrainian President Volodymyr Zelensky will address the G7 summit on Monday as his country reels from first Russian strike on Kyiv in weeks.</p>

<p>US President Joe Biden and his counterparts from the Group of Seven wealthy democracies, meeting in the Bavarian Alps, have stressed their unity in the face of Russia's aggression -- even as the global fallout worsens.</p>

<p>Zelensky will join G7 leaders of the United States Germany, Britain, France, Italy, Japan and Canada via video link at 0800 GMT.&nbsp;</p>

<p>The Ukrainian president has renewed call for more weapons and air defence systems to the country currently under attack from Russia.</p>

<p><strong>Watch | G7 unveils 'Partnership for Global infrastructure' plan to counter China</strong></p>

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<p>"We need a powerful air defence -- modern, fully effective. Which can ensure complete protection against these missiles. We talk about this every day with our partners. There are already some agreements. And partners need to move faster if they are really partners, not observers," he said in his daily address.</p>

<p>"Delays in the transfer of weapons to our state, any restrictions are actually an invitation for Russia to strike again and again."</p>

<p>This appeal has come after Russia struck a residential building in Kyiv. Ukraine said that the strike left one person dead and injured four others. The injured include a seven-year-old girl.</p>

<p><strong>Also Read | <a href="https://www.wionews.com/world/g7-announced-600-billion-global-infrastructure-plan-to-rival-chinas-bri-492064">G7 announced $600 billion global infrastructure plan to rival China’s BRI</a></strong></p>

<p>Biden condemned the strikes, the first on the Ukrainian capital in almost three weeks, as "barbarism".</p>

<p>German Chancellor and G7 host Olaf Scholz said the attack showed again "that it is right to stand together and support Ukrainians".</p>

<p>Russia denied it had hit a civilian target.</p>

<p><strong>Also Read | <a href="https://www.wionews.com/world/russia-ukraine-war-one-dead-several-wounded-in-missile-strike-in-central-kyiv-492002">Russia-Ukraine war: One dead, several wounded in missile strike on central Kyiv</a></strong></p>

<p>The G7 summit, is being held at the picturesque Elmau Castle, runs until Tuesday. It will be followed by a meeting of NATO countries in Spain, which Zelensky is also expected to dial into.</p>

<p><em>(With inputs from agencies)</em></p>

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Ukrainian President Volodymyr Zelensky will address the G7 summit on Monday as his country reels from first Russian strike on Kyiv in weeks. US President Joe Biden and his counterparts from the Group of Seven wealthy democracies, meeting in the Bavarian Alps, have stressed their unity in the face of Russia's aggression -- even as the global fallout worsens.

Ukrainian President Volodymyr Zelensky will address the G7 summit on Monday as his country reels from first Russian strike on Kyiv in weeks. US President Joe Biden and his counterparts from the Group of Seven wealthy democracies, meeting in the Bavarian Alps, have stressed their unity in the face of Russia's aggression -- even as the global fallout worsens. Zelensky will join G7 leaders of the United States Germany, Britain, France, Italy, Japan and Canada via video link at 0800 GMT. The Ukrainian president has renewed call for more weapons and air defence systems to the country currently under attack from Russia. Watch | G7 unveils 'Partnership for Global infrastructure' plan to counter China × "We need a powerful air defence -- modern, fully effective. Which can ensure complete protection against these missiles. We talk about this every day with our partners. There are already some agreements. And partners need to move faster if they are really partners, not observers," he said in his daily address. "Delays in the transfer of weapons to our state, any restrictions are actually an invitation for Russia to strike again and again." This appeal has come after Russia struck a residential building in Kyiv. Ukraine said that the strike left one person dead and injured four others. The injured include a seven-year-old girl. Also Read | G7 announced $600 billion global infrastructure plan to rival China’s BRI Biden condemned the strikes, the first on the Ukrainian capital in almost three weeks, as "barbarism". German Chancellor and G7 host Olaf Scholz said the attack showed again "that it is right to stand together and support Ukrainians". Russia denied it had hit a civilian target. Also Read | Russia-Ukraine war: One dead, several wounded in missile strike on central Kyiv The G7 summit, is being held at the picturesque Elmau Castle, runs until Tuesday. It will be followed by a meeting of NATO countries in Spain, which Zelensky is also expected to dial into. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Zelensky to address G7 summit as Russia pounds Kyiv

<p>Amid the war in Ukraine, President&nbsp;Volodymyr Zelensky told G7 nations "now is not the time for negotiations" referring to Russia.</p>

<p>The Ukraine president also asked G7 nations to "limit the price of Russian oil" and to "intensify sanctions" against Russia over its invasion of his country, reports said.</p>

<p>"Ukraine will negotiate when it is in a position to do so, that is when it has basically re-established a position of strength," the French presidency said after Zelensky joined the G7 leaders via video link.</p>

<p><a href="https://www.wionews.com/world/us-announces-fresh-g7-sanctions-aimed-at-russian-defence-sector-492163">Also Read:&nbsp;US announces fresh G7 sanctions aimed at Russian defence sector</a></p>

<p>Zelensky reiterated that "heavy" punitive action should be continued against Russia and not to "not lower the pressure".</p>

<p>G7 leaders demanded that Russia should immediately allow the "safe return of Ukrainian nationals taken often with force to Russia without their consent" even as NATO chief Stoltenberg the European military alliance will boost its high readiness forces to over 300,000.</p>

<p><strong>Watch:&nbsp;G7 allies seek to close ranks against Russia</strong></p>

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<p>France meanwhile urged oil producers to ramp up output by "exceptional" volumes as Russia cut gas supplies to EU countries.</p>

<p>The French president's office said it wants Iran and Venezuela back on the market amid the oil crisis.</p>

<p>(With inputs from Agency)</p>

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Amid the war in Ukraine, President Volodymyr Zelensky told G7 nations "now is not the time for negotiations" referring to Russia. The Ukraine president also asked G7 nations to "limit the price of Russian oil" and to "intensify sanctions" against Russia over its invasion of his country, reports said.

Amid the war in Ukraine, President Volodymyr Zelensky told G7 nations "now is not the time for negotiations" referring to Russia. The Ukraine president also asked G7 nations to "limit the price of Russian oil" and to "intensify sanctions" against Russia over its invasion of his country, reports said. "Ukraine will negotiate when it is in a position to do so, that is when it has basically re-established a position of strength," the French presidency said after Zelensky joined the G7 leaders via video link. Also Read: US announces fresh G7 sanctions aimed at Russian defence sector Zelensky reiterated that "heavy" punitive action should be continued against Russia and not to "not lower the pressure". G7 leaders demanded that Russia should immediately allow the "safe return of Ukrainian nationals taken often with force to Russia without their consent" even as NATO chief Stoltenberg the European military alliance will boost its high readiness forces to over 300,000. Watch: G7 allies seek to close ranks against Russia France meanwhile urged oil producers to ramp up output by "exceptional" volumes as Russia cut gas supplies to EU countries. The French president's office said it wants Iran and Venezuela back on the market amid the oil crisis. (With inputs from Agency) WATCH WION LIVE HERE ×

Now is not the time for negotiations with Russia, Zelensky to G7 countries

Around 100 KM south of Munich is the Schloss Elmau which is currently hosting the G7 summit. Schloss Elmau previously hosted the G7 summit in 2015.

Schloss Elmau hosts G7 Summit: Valley in heart of Wetterstein mountains

The G7 leaders along with EU representatives held a round table discussion. To counter China's One Belt One Road (OBOR) initiative, G7 unveiled a global infrastructure project.

G7 unveils global infra project to counter China's One Belt One Road (OBOR) initiative

G7 leaders pledged to raise $600 billion over five years to improve infrastructure in developing countries and counter China's Belt and Road initiative. For more on this, watch this report by WION's correspondent Siddhant Sibbal.

G7 unveils 'Partnership for Global infrastructure' plan to counter China

G7 leaders pledged to raise $600 billion over five years to improve infrastructure in developing countries and counter China's Belt and Road initiative.

G7 unveils global infra project, aims to raise $600 billion to counter China's Belt and Road

The G7 leaders along with EU representatives held a round table discussion. Like other high-stakes meetings, Russia Ukraine War dominated the talks. Ukraine President Zelensky also joined the G7 Summit virtually.

Ukraine President Zelensky virtually joins G7 Summit as G7 plans to announce sanctions against Russia

<p>India's Prime Minister Narendra Modi met German Chancellor Olaf Scholz ahead of the G7 summit on Monday.</p>

<p>The Indian prime minister arrived in Munich on Sunday to attend the G7 summit. PM Modi is set to meet partner countries and discuss various issues including terrorism, energy and environment.</p>

<p><img alt="Modi at G7" data-entity-type="file" data-entity-uuid="e85f7ff6-0998-404a-8357-ea3cf83d8940" src="//cdn.wionews.com/sites/default/files/inline-images/Modi11.jpeg" /></p>

<p><a href="https://www.wionews.com/world/us-announces-fresh-g7-sanctions-aimed-at-russian-defence-sector-492163">Also Read:&nbsp;US announces fresh G7 sanctions aimed at Russian defence sector</a></p>

<p>"I will be attending the G-7 Summit today in which we will discuss various important global issues," India's prime minister said ahead of leaving for Germany.</p>

<p><strong>Watch |&nbsp;'Bare-Chested Horseman': G7 leaders mock President Putin</strong></p>

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<p>PM Modi was given a "special Bavarian welcome" as he arrived in Munich on Sunday. The Indian prime minister was welcomed by the Indian community as they performed a traditional dance.</p>

<p>The Indian prime minister is attending the G7 summit at the Alpine castle of Schloss Elmau in southern Germany after he was invited by German Chancellor Olaf Scholz.</p>

<p>Besides India, Germany has also invited Argentina, Indonesia, Senegal and South Africa as guests for the summit.</p>

<p>(With inputs from Agency)</p>

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India's Prime Minister Narendra Modi met German Chancellor Olaf Scholz ahead of the G7 summit on Monday. The Indian prime minister arrived in Munich on Sunday to attend the G7 summit.

India's Prime Minister Narendra Modi met German Chancellor Olaf Scholz ahead of the G7 summit on Monday. The Indian prime minister arrived in Munich on Sunday to attend the G7 summit. PM Modi is set to meet partner countries and discuss various issues including terrorism, energy and environment. Also Read: US announces fresh G7 sanctions aimed at Russian defence sector "I will be attending the G-7 Summit today in which we will discuss various important global issues," India's prime minister said ahead of leaving for Germany. Watch | 'Bare-Chested Horseman': G7 leaders mock President Putin PM Modi was given a "special Bavarian welcome" as he arrived in Munich on Sunday. The Indian prime minister was welcomed by the Indian community as they performed a traditional dance. The Indian prime minister is attending the G7 summit at the Alpine castle of Schloss Elmau in southern Germany after he was invited by German Chancellor Olaf Scholz. Besides India, Germany has also invited Argentina, Indonesia, Senegal and South Africa as guests for the summit. (With inputs from Agency) WATCH WION LIVE HERE ×

G7 summit: German Chancellor Olaf Scholz welcomes PM Modi

On Sunday, the G7 leaders sat down for their very first meeting. Meanwhile, British Prime Minister Boris Johnson asked, 'Jackets on? Jackets off? Do we take our coats off?'.

'Bare-Chested Horseman': G7 leaders mock President Putin

The 48th G7 meeting is underway in Germany with world leaders discussing key issues including the Russia-Ukraine war. G7 leaders have agreed to ban gold imports from Russia.

G7 allies seek to close ranks against Russia

Schloss Elmau, which is 100kms south of Munich, is set to host G7 Summit. It had previously hosted the G7 summit in 2015 that was dominated by Russian actions in Crimea. This year's G7 will again be dominated by Russian actions.

Schloss Elmau fulfils security requirements for G7 summit

The G7 leaders held a round table discussion and agreed to ban gold imports from Russia. For more on this, we're joined by WION's correspondent Siddhant Sibbal.

G7 leaders agree to ban gold imports from Russia

The G7 leaders along with EU representatives held a round table discussion. Like other high-stakes meetings, Russia Ukraine War dominated the talks. The leaders agreed to ban gold imports from Russia. For more on this, we're joined by WION's correspondent Siddhant Sibbal.

G7 summit highlights: Ukraine-Russia war dominate talks | Ban on gold imports from Russia

<p>The United States on Monday (June 27) announced fresh G7 sanctions on Russia. These new sanctions are targetted at Russia defence industry. The aim appears to be slowing down Russian war machine in Ukraine</p>

<p>"G7 leaders will align and expand targeted sanctions to further restrict Russia's access" to Western technology that can support the Russian arms industry, the White House said.</p>

<p>And the US will also "aggressively target Russian defence supply chains... and limit Russia's ability to replace the military equipment it has already lost during its brutal war".</p>

<p><strong>Watch | G7 leaders agree to ban gold imports from Russia</strong></p>

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<p>News agency AFP quoted an unnamed American official to say that G7 nations have made progress in talks to set a price cap on Russian oil imports.</p>

<p>"We're still in final discussions with other G7 counterparts working to finalise this, but we're very close to a place where G7 leaders will have decided to urgently direct relevant ministers to develop mechanisms to set a global price cap for Russian oil," the official said.</p>

<p><strong>Also Read | <a href="https://www.wionews.com/world/g7-announced-600-billion-global-infrastructure-plan-to-rival-chinas-bri-492064">G7 announced $600 billion global infrastructure plan to rival China’s BRI</a></strong></p>

<p>The goal of the plan is to starve the Kremlin of its "main source of cash and force down the price of Russian oil".</p>

<p>In addition to this, G7 leaders have agreed that money from higher tariff imposed on Russian exports should be funnelled as Ukraine aid.</p>

<p>President Joe Biden and other G7 leaders "will seek authority to use revenues collected by any new tariffs on Russian goods to help Ukraine and to ensure that Russia pays for the cost of its war," a senior US official said.</p>

<p><em>(With inputs from agencies)</em></p>

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The United States on Monday (June 27) announced fresh G7 sanctions on Russia. These new sanctions are targetted at Russia defence industry. The aim appears to be slowing down Russian war machine in Ukraine "G7 leaders will align and expand targeted sanctions to further restrict Russia's access" to Western technology that can support the Russian arms industry, the White House said.

The United States on Monday (June 27) announced fresh G7 sanctions on Russia. These new sanctions are targetted at Russia defence industry. The aim appears to be slowing down Russian war machine in Ukraine "G7 leaders will align and expand targeted sanctions to further restrict Russia's access" to Western technology that can support the Russian arms industry, the White House said. And the US will also "aggressively target Russian defence supply chains... and limit Russia's ability to replace the military equipment it has already lost during its brutal war". Watch | G7 leaders agree to ban gold imports from Russia × News agency AFP quoted an unnamed American official to say that G7 nations have made progress in talks to set a price cap on Russian oil imports. "We're still in final discussions with other G7 counterparts working to finalise this, but we're very close to a place where G7 leaders will have decided to urgently direct relevant ministers to develop mechanisms to set a global price cap for Russian oil," the official said. Also Read | G7 announced $600 billion global infrastructure plan to rival China’s BRI The goal of the plan is to starve the Kremlin of its "main source of cash and force down the price of Russian oil". In addition to this, G7 leaders have agreed that money from higher tariff imposed on Russian exports should be funnelled as Ukraine aid. President Joe Biden and other G7 leaders "will seek authority to use revenues collected by any new tariffs on Russian goods to help Ukraine and to ensure that Russia pays for the cost of its war," a senior US official said. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

US announces fresh G7 sanctions aimed at Russian defence sector

Indian PM Narendra Modi has arrived in Munich for the G7 meeting. The 2-day visit will see interaction with the diaspora, meeting with world leaders & participation at the G7. Watch PM Modi's full address to the Indian Diaspora in Germany.

Indian PM Modi addresses diaspora in Munich: 'India is the mother of democracy'

The stage is set in Germany for the 48th G7 Summit. Indian Prime Minister Narendra Modi has arrived in Munich for the G7 Summit. India is not a member of the G7 but, India has been specially invited. For more details, we're joined live by WION's Siddhant Sibbal.

48th G7 meeting: Indian PM Modi to hold bilateral meetings

<p>The G7 announced $600 billion for global infrastructure programmes in poor countries to compete with China's formidable Belt and Road Initiative on Sunday, as reported by AFP.</p>

<p>Between now and 2027, the US government and allies will shoot for the $600-billion figure "through grants, federal financing, and leveraging private sector investments," the White House said.</p>

<p>The Partnership for Global Infrastructure and Investment, unveiled with fanfare by US President Joe Biden and G7 allies from Canada, Germany, Italy, Japan and the European Union, aims to fill a huge gap left as communist China uses its economic clout to stretch diplomatic tentacles into the furthest reaches of the world.</p>

<p>Biden said the target was for the United States to bring $200 billion to the table, with the rest of the G7 another $400 billion by 2027.</p>

<p>Funding the kinds of projects that China currently dominates everything from roads to harbours in far-flung corners of the world is not "aid or charity," Biden said.</p>

<p>Highlighting the geostrategic thinking behind the plan, Biden said such projects "deliver returns for everyone, including the American people and the people of all our nations."</p>

<p>As reported by AFP, European Commission chief Ursula von der Leyen echoed this, saying "it is up to us to give a positive, powerful investment impulse to the world, to show our partners in the developing world that they have a choice."</p>

<p>Also Read:&nbsp;<a href="https://www.wionews.com/world/dollar-bankruptcy-russia-may-default-on-debt-servicing-492039">Dollar bankruptcy: Russia may soon default on debt servicing</a></p>

<p>Unlike China's state-run BRI initiative, the proposed G7 funding would depend largely on private companies being willing to commit to massive investments and is therefore not guaranteed.</p>

<p>According to US officials, however, that is a good thing.</p>

<p>In this capitalist vs communist scenario, US officials say, recipient countries will be able to avoid the debt traps and other strongarm tactics allegedly used by the Chinese.</p>

<p><em>(with inputs from agencies)</em><br />
&nbsp;</p>

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The G7 announced $600 billion for global infrastructure programmes in poor countries to compete with China's formidable Belt and Road Initiative on Sunday, as reported by AFP.

The G7 announced $600 billion for global infrastructure programmes in poor countries to compete with China's formidable Belt and Road Initiative on Sunday, as reported by AFP. Between now and 2027, the US government and allies will shoot for the $600-billion figure "through grants, federal financing, and leveraging private sector investments," the White House said. The Partnership for Global Infrastructure and Investment, unveiled with fanfare by US President Joe Biden and G7 allies from Canada, Germany, Italy, Japan and the European Union, aims to fill a huge gap left as communist China uses its economic clout to stretch diplomatic tentacles into the furthest reaches of the world. Biden said the target was for the United States to bring $200 billion to the table, with the rest of the G7 another $400 billion by 2027. Funding the kinds of projects that China currently dominates everything from roads to harbours in far-flung corners of the world is not "aid or charity," Biden said. Highlighting the geostrategic thinking behind the plan, Biden said such projects "deliver returns for everyone, including the American people and the people of all our nations." As reported by AFP, European Commission chief Ursula von der Leyen echoed this, saying "it is up to us to give a positive, powerful investment impulse to the world, to show our partners in the developing world that they have a choice." Also Read: Dollar bankruptcy: Russia may soon default on debt servicing Unlike China's state-run BRI initiative, the proposed G7 funding would depend largely on private companies being willing to commit to massive investments and is therefore not guaranteed. According to US officials, however, that is a good thing. In this capitalist vs communist scenario, US officials say, recipient countries will be able to avoid the debt traps and other strongarm tactics allegedly used by the Chinese. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

G7 announced $600 billion global infrastructure plan to rival China’s BRI

The 48th G7 meeting has kicked off in Germany with world leaders gathering to discuss key issues including the Russia-Ukraine war. The ongoing Russia-Ukraine war is expected to dominate talks.

48th G7 meeting kicks off in Germany: 'Will tackle all challenges together

India's growing influence in global geopolitics has been grabbing eyeballs for some time now. Amid the ongoing geopolitical tensions, India's diplomacy was lauded by the West. Know why G7 invited India to the summit.

Why has G7 invited India to the Summit? India chooses diplomacy over sanctions

French President Emmanuel Macron and US President Joe Biden has arrived in Munich to participate in the G7 Summit, which kicks off today at 3PM IST. For more details, watch this ground report by Siddhant Sibbal.

G7 summit: French President Macron & US President Biden reach Germany

The G7 Summit is set to begin in Germany and the major focus will be on the Russia-Ukraine war. WION's Siddhant Sibal spoke to Garmisch Mayor Elisabeth Koch on town's history and G7 summit significance.

G7 summit: 'Great call by German Chancellor to invite Indian PM Modi,' says Garmisch Mayor

The G7 Summit is set to begin in Germany. Before that, take a look at the past, present and future of Munich city. Watch this report by WION's correspondent Siddhant Sibbal.

G7 summit: Munich's architecture reflects city's old and new history

Indian PM Narendra Modi has arrived in Munich for G7 meeting. The 2 day visit will see interaction with diaspora, meeting with world leaders & participation at the G7.

G7 summit: Indian PM Narendra Modi arrives in Munich to hold bilateral meetings

QUAD, SAARC, SCO, BRICS & G7: India emerges as a global leader

The 48th G7 meeting has kicked off in Germany with world leaders gathering to discuss key issues including the Russia-Ukraine war. To cover the same, WION's Sidhant Sibal is currently in Germany. Watch a special travel Vlog ahead of the summit.

48th G7 Summit: WION travels from Munich to Garmisch

The 48th G7 meeting has kicked off in Germany with world leaders gathering to discuss key issues including the Russia-Ukraine war. To cover the same, WION's Sidhant Sibal is currently in Germany. Meanwhile, watch the history of Munich city.

History of Munich city: Past, present and future of the German city

The stage is set in Germany for the 48th G7 Summit. World leaders have started arriving and like most high-stakes meetings, Russia-Ukraine War going to dominate the talks. US President Joe Biden has reached Germany. Watch this report by Siddhant Sibbal from G7 media centre, Garmisch, Germany.

Germany gears up for 48th G7 meeting, Ukraine-Russia war to dominate talks

Indian PM Narendra Modi addresses Indian Diaspora in Germany ahead of the G7 Summit

Indian PM Narendra Modi has arrived in Munich for the G7 meeting. The 2-day visit will see interaction with the diaspora, meeting with world leaders & participation at the G7. PM Modi is now all set to address the Indian Diaspora in Germany.

Indian PM Narendra Modi to address Indian Diaspora in Germany shortly

<p>To tighten sanctions screws on Moscow and cripple its war effort in Ukraine, the United States said Sunday (June 26) that the Group of Seven (G7) nations will ban imports of Russian gold. A formal announcement of the same is expected Tuesday when the leaders will hold their annual summit.&nbsp;</p>

<p>US President Joe 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."&nbsp;</p>

<p>British Prime Minister Boris Johnson said the ban on Russian gold will "directly hit Russian oligarchs and strike at the heart of Putin's war machine."&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/russia-ukraine-war-one-dead-several-wounded-in-missile-strike-in-central-kyiv-492002">Russia-Ukraine war: One dead, several wounded in missile strike on central Kyiv</a>&nbsp;</strong></p>

<p>Johnson said: "Putin is squandering his dwindling resources on this pointless and barbaric war. He is bankrolling his ego at the expense of both the Ukrainian and Russian people. We need to starve the Putin regime of its funding."&nbsp;</p>

<p>It is learnt that the measure was initially flagged by Britain as joint action being taken along with fellow G7 members Canada, Japan and the United States.&nbsp;</p>

<p>Given London's central role in the international gold trade, "this measure will have global reach, shutting the commodity out of formal international markets," Britain said.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/unity-and-coordination-of-action-g7-summit-kicks-off-in-germany-amid-fears-of-stagflation-491838">'Unity and coordination of action': G7 summit kicks off in Germany amid fears of stagflation</a>&nbsp;</strong></p>

<p>Meanwhile, a senior US official said that the rest of the G7 will also join in with a formal unveiling of the sanction. "You'll see that on Tuesday. This will be a G7 principal that is articulated," said the official, who spoke to reporters on condition of anonymity.&nbsp;</p>

<p>"Gold, after energy, is the second largest export for Russia and a source of significant revenue for (President Vladimir) Putin and Russia," the US official said.&nbsp;</p>

<p>Russia's economy is already under huge pressure from Western sanctions against banks, energy companies, airlines, high-tech and consumer goods.&nbsp;</p>

<p>Now, it is understood that the choking off of the gold market will have a significant impact. According to the White House, Russia accounted for about five per cent of all gold exports in 2020 and 90 per cent of Russia's output went to G7 countries.&nbsp;</p>

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To tighten sanctions screws on Moscow and cripple its war effort in Ukraine, the United States said Sunday (June 26) that the Group of Seven (G7) nations will ban imports of Russian gold.

To tighten sanctions screws on Moscow and cripple its war effort in Ukraine, the United States said Sunday (June 26) that the Group of Seven (G7) nations will ban imports of Russian gold. A formal announcement of the same is expected Tuesday when the leaders will hold their annual summit. US President Joe 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." British Prime Minister Boris Johnson said the ban on Russian gold will "directly hit Russian oligarchs and strike at the heart of Putin's war machine." ALSO READ | Russia-Ukraine war: One dead, several wounded in missile strike on central Kyiv Johnson said: "Putin is squandering his dwindling resources on this pointless and barbaric war. He is bankrolling his ego at the expense of both the Ukrainian and Russian people. We need to starve the Putin regime of its funding." It is learnt that the measure was initially flagged by Britain as joint action being taken along with fellow G7 members Canada, Japan and the United States. Given London's central role in the international gold trade, "this measure will have global reach, shutting the commodity out of formal international markets," Britain said. ALSO READ | 'Unity and coordination of action': G7 summit kicks off in Germany amid fears of stagflation Meanwhile, a senior US official said that the rest of the G7 will also join in with a formal unveiling of the sanction. "You'll see that on Tuesday. This will be a G7 principal that is articulated," said the official, who spoke to reporters on condition of anonymity. "Gold, after energy, is the second largest export for Russia and a source of significant revenue for (President Vladimir) Putin and Russia," the US official said. Russia's economy is already under huge pressure from Western sanctions against banks, energy companies, airlines, high-tech and consumer goods. Now, it is understood that the choking off of the gold market will have a significant impact. According to the White House, Russia accounted for about five per cent of all gold exports in 2020 and 90 per cent of Russia's output went to G7 countries. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

G7 nations to announce ban on import of new Russian gold

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