President Joe Biden and his Group of Seven allies will huddle Sunday on strategies to secure energy supplies and tackle inflation, aiming to keep the fallout from Russia's invasion of Ukraine from splintering the global coalition working to punish Moscow.
Of Russian gold exports, 90% was consigned to G-7 countries. Of these Russian exports, over 90%, or nearly $17 billion, was exported to the UK. The United States imported less than $200 million in gold from Russia in 2019, and under $1 million in 2020 and 2021.
Biden arrived in Germany’s picturesque Bavarian alps early Sunday morning to join his counterparts for the annual meeting of the world’s leading democratic economies, where the reverberations from the brutal war in Ukraine will be front and center in the discussion. He and the allies aim to present a united front in support of Ukraine as the conflict enters its fourth month.
John Kirby, spokesman for the White House National Security Council, said Saturday that the summit will address problems such as inflation and other “challenges in the global economy as a result of Mr. Putin’s war — but also how to continue to hold Mr. Putin accountable” and subject to “constant consequences.”ADVERTISEMENT
A senior German official, speaking on condition of anonymity consistent with department rules, said the U.S. idea of price caps was being discussed intensely, in terms of how it would work exactly and how it would fit with the U.S., EU, British, Canadian and Japanese sanctions regimes.
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