During the first day of the G7 summit, President Biden said the entire world is feeling the impact of Russia’s war in Ukraine and its affect on the global energy markets.
The U.S. 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, a senior administration official said.
In recent years, gold has been the top Russian export after energy — reaching almost $19 billion or about 5% of global gold exports, in 2020, according to the White House. Unity was the message Biden took into a pre-summit sit-down with German Chancellor Olaf Scholz, who holds the G-7′s rotating presidency and is hosting the gathering.
"We have to stay together, because Putin has been counting on, from the beginning, that somehow NATO and the G7 would splinter, but we haven't and we're not going to," Biden said."We can't let this aggression take the form it has and get away with it." European Union Council Commission President Ursula von der Leyen, Prime Minister of Japan Fumio Kishida, Prime Minister of Canada Justin Trudeau, German Chancellor Olaf Scholz, German Chancellor Olaf Scholz and European Union Council President Charles Michel look on as US President Joe Biden speaks about the global infrastructure partnership during the G-7 summit in Schloss Elmau on June 26, 2022 near Garmisch-Partenkirchen, Germany.
"There's no watering down of climate commitments," John Kirby, a spokesman for Biden's National Security Council, said Saturday as the president flew to Germany.
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