G7 summit plans to enforce new bans on Russian gold imports

Elmau, Germany

President Joe Biden and Western allies opened a three-day summit in the Bavarian Alps on Sunday to prevent the economic fallout from the war in Ukraine from breaking the global coalition seeking to punish Russian aggression. Britain’s Boris Johnson warned leaders not to give in to “fatigue” even as Russia fired new missiles at Kiev.

The leaders of the Group of Seven would announce new import bans on Russian gold, the latest in a series of sanctions the club of democracies hopes will further isolate Russia economically. They also looked at potential energy price caps designed to limit the Russian oil and gas profits Moscow can pump into its war effort.

And following a proposal from last year’s G-7 summit, Biden formally launched a global infrastructure partnership designed to counter China’s influence in the developing world. The initiative aims to raise $600 billion in partnership with other G-7 countries for global infrastructure projects by 2027. About $200 billion would come from the United States, Biden said.