𝗚𝟳 𝘂𝗽𝗰𝗼𝗺𝗶𝗻𝗴 𝗰𝗵𝗮𝗻𝗴𝗲𝘀
The Great Seven wealthy democracies gathered in an alpine resort in southern Germany. They are ready to adopt a new package of coordinated actions on Tuesday to increase pressure on Russia over its war in Ukraine and finalize plans to cap Russian oil prices. Besides, together, the G7 will announce a possible ban of gold import from Russia. Gold is a major asset that rakes in tens of billions of dollars for Russia. The G7 countries are determined to increase the pressure on Russia without fueling the inflation that has particularly impacted Africa and South America. Western sanctions have hit the Russian economy hard, and the new measures aim to further deprive the Kremlin of resources revenues. The ban on Russian gold imports will have a global scope, shutting the commodity off official international markets.
Hence, the prices on gold and oil will likely rise.
