Dhe seven leading industrial countries (G7) want to stop new imports of Russian gold because of the war against Ukraine. The ban will come into force shortly and will apply to both newly mined and refined gold, according to a statement by the British government that was distributed on Sunday before the summit of the G7 group of heads of state and government at Schloss Elmau in Bavaria .
Previously exported gold of Russian origin is not affected. The embargo project was confirmed by US government circles and is to be officially announced on Tuesday, the day the G-7 summit closes.
“We must deprive the Putin regime of its financial basis. The UK and our allies are doing just that,” Prime Minister Boris Johnson said. “The measures we announced today will hit the Russian oligarchs head on and attack the very heart of Putin’s war machine.”
Russian gold exports were worth 12.6 billion pounds (around 14.6 billion euros) last year. Wealthy Russians have increased their gold purchases in recent weeks to mitigate the financial impact of Western sanctions, the British government said. The new initiative follows the suspension of the accreditation of six Russian precious metals processors by the London Bullion Market Association (LBMA), which is considered the most important over-the-counter trading venue for gold and silver, announced in March.
The G-7 summit of democratic economic powers, chaired by Federal Chancellor Olaf Scholz, officially begins on Sunday with consultations on the global economic situation and security policy.
All developments in the live ticker:
12:06 p.m. – Protesters sue for seats
The organizers of the demo star march to the G7 summit venue are complaining about the location near the castle assigned to them by the authorities. “It’s not within reach or sight,” emphasized applicant Franz Haslbeck from the “Stop G7 Elmau” protest alliance on Sunday in Garmisch-Partenkirchen. 500 meters as the crow flies between the planned location and the conference venue Schloss Elmau. “These 500 meters do not take into account the court ruling.”
11:48 a.m. – Johnson praises Scholz
British Prime Minister Boris Johnson has praised Chancellor Olaf Scholz’s actions against Russia in the Ukraine war. “I would never have believed in my life that a German chancellor would get involved in this way,” said Johnson before the start of the G7 summit at Schloss Elmau in Bavaria. Scholz sent weapons to the Ukrainians and took a hard line with Moscow despite Germany’s heavy reliance on Russian gas.
Germany now faces “real pressure” and needs to get its gas from other sources, Johnson said. “But they do. You make an effort. They make the sacrifice (…) because they realize that the price of freedom is worth paying.”
11:30 a.m. – EU Council President: Must act in the grain crisis
EU Council President Charles Michel calls for a solution to the conflict over grain deliveries from Ukraine. “We don’t need speeches, we need action,” said Michel at the G-7 summit. The blockade of Ukrainian ports, in which 22 million tons of grain were stored, must be lifted, says Michel. “We must act immediately.”
10:57 a.m. – Scholz and Biden demonstrate unity
Before the G-7 meeting in Bavaria, Chancellor Olaf Scholz and US President Joe Biden vowed to unite the West in the face of Russia’s war of aggression against Ukraine. On the sidelines of their bilateral meeting on Sunday at Schloss Elmau, Scholz emphasized that we must continue to stand together.
Chancellor Scholz received US President Biden for bilateral talks before the start of the three-day meeting
Source: AP/Susan Walsh
Russian President Vladimir Putin did not expect this unity. Biden thanked Scholz for the important role he played in this. The US President emphasized: “We have to stay together.” Putin expected that the G7 and NATO would be divided. That has not happened and will not happen.
09:10 – Appeals to step up the fight against hunger
At the start of the G-7 summit, aid organizations are urging concrete steps in the global fight against hunger. The President of “Bread for the World”, Dagmar Pruin, called on the G7 industrialized countries to ensure a larger supply of food on the world market. In addition, the use of food for biofuel and animal feed must be restricted.
The Vice President of the UN Agricultural Fund (IFAD), Dominik Ziller, spoke of a “really dramatic situation” with regard to global hunger.
8:29 a.m. – Economy calls for G 7 to set the course in trade and climate policy
At their summit in Schloss Elmau, German business is demanding a clear commitment to free trade from the G-7 countries and setting the course for a globally coordinated climate policy. “Companies worldwide need less protectionism and more open markets,” says Employer President Rainer Dulger of the “Handelsblatt”. In view of the demographic development, legal labor market hurdles would have to be removed and more permeability created for education and professional qualifications, said the BDA boss.
The president of the industry association BDI, Siegfried Russwurm, also demands that the seven leading Western industrialized countries “counteract the emerging bloc formation and disintegration of the world economy”.
The importance of cooperation between the G-7 countries in Europe, North America and Asia, which share important values, is “greater than ever,” Russwurm told the “Handelsblatt”. The G7 must therefore agree to reduce dependencies in order to increase the resilience of value chains.
8:05 a.m. – Arrival of the state guests at the G-7 summit without any problems so far
The arrival of the heads of state and government at the G-7 summit at Schloss Elmau near Garmisch-Partenkirchen has so far passed without incident. The police reported on Sunday morning that there were initially no disruptive actions and blockades by opponents.
Fumio Kishida (r), Prime Minister of Japan, upon his arrival at Munich Airport
Source: dpa/Daniel Karmann
Officials stood along the so-called protocol route across Garmisch-Partenkirchen on Sunday morning. Local roads are closed when the heads of state convoys pass. There are fences along the protocol route in the Garmisch area, and tens of thousands of manhole covers have been sealed to protect the vehicles from attacks.
US President Joe Biden arrived on Saturday evening for his first visit to Germany since taking office. Air Force One with the President on board landed in Munich late in the evening. The US President then traveled on to Elmau by helicopter and car – the protocol route was closed to other traffic around midnight for his arrival. In some cases, pedestrians were not allowed to cross the street.