Biden urges G7 to stay together as leaders target Russian gold, oil price
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SCHLOSS ELMAU, Germany, June 26 (Reuters) - U.S. President Joe Biden told allies "we have to stay together" against Russia on Sunday as G7 leaders gathered for a summit dominated by war in Ukraine and its impact on food and energy supplies and the global economy.
At the start of the meeting in the Bavarian Alps, four of the Group of Seven rich nations moved to ban imports of Russian gold to tighten the sanctions squeeze on Moscow and cut off its means of financing the invasion of Ukraine.
But it was not clear whether there was G7 consensus on the plan, with European Council President Charles Michel saying the issue would need to be handled carefully and discussed further.
Britain, the United States, Japan and Canada agreed the ban on new Russian gold imports, the British government said on Sunday.
Britain said the ban was aimed at wealthy Russians who have been buying safe-haven bullion to reduce the financial impact of Western sanctions. Russian gold exports were worth $15.5 billion last year.
The G7 leaders of Britain, France, the United States, Germany, Japan, Italy and Canada, were also having "really constructive" talks on a possible price cap on Russian oil, a German government source said.
A French presidency official said Paris would push for a price cap on oil and gas and was open to discussing a U.S. proposal.
The G7 leaders did agree on a pledge to raise $600 billion in private and public funds for developing countries to counter China's growing influence and soften the impact soaring food and energy prices.
Williams, M., & Escritt, T. (2022, June 27). Biden urges G7 to stay together as leaders target Russian gold, oil price. Reuters. https://www.reuters.com/world/g7-summit-kicks-off-under-shadow-ukraine-war-stagflation-risk-2022-06-25/