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G7 countries will ban imports of Russian gold, U.S. President Joe Biden said.

“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,” Biden wrote on Twitter.

Earlier, the Independent wrote that Britain, the United States, Canada and Japan would ban imports of Russian gold as part of the latest round of efforts to damage Russia's economy in response to the conflict in Ukraine.

Gold exports to Russia totaled £12.6 billion in 2021, and increased in importance after the start of the conflict in Ukraine, as oligarchs rushed to buy bullion to avoid the consequences of sanctions, Downing Street said.

Officials believe that because London is a major gold trading hub, U.K. sanctions will have a huge impact on Russian President Vladimir Putin's ability to raise funds to finance his war effort.

British Prime Minister Boris Johnson confirmed the move when he arrived at the G7 summit in Germany.

Legislation introducing the ban will be introduced in parliament in the coming weeks.

The ban will apply to newly mined or refined gold.

It does not affect gold of Russian origin previously exported from Russia, and there are no plans to extend the restriction to gold legally purchased before the import ban was introduced.

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