A ban on imports of gold from Russia could be expected from the G7 countries, said U.S. President Joe Biden. The ban would cut off another source of revenue to the country as it waged its War in Ukraine, he noted. Biden made the comments as he and other leaders of the Group of Seven leading economies were gathering for a three-day meeting in Germany this week.

Russia gets 'tens of billions of dollars' from gold exports

"Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia," Biden said in a June 26 post on Twitter.

Biden said his government had "imposed unprecedented costs" on Russian President Vladimir Putin in order to hinder the aggression against Ukraine.

A formal announcement could be expected on June 28, said The New York Times, citing an unnamed official in the Biden Administration. The paper noted that gold was Russia's second most profitable export after oil and other energy products. Biden and other G7 leaders were expected to discuss additional measures to limit oil imports from Russia during their meeting in Germany this week, the paper said.

Newsweek noted that the nations making up the G7 were Canada, France, Germany, Italy, Japan, the U.K.

and the U.S. The June 26-28 summit was taking place at Schloss Elmau, a castle in Bavaria, the news outlet said.

Increasing Russia's isolation from the world

A member of the Ukrainian parliament, Kira Rudik welcomed the pending ban on Russian gold. On Twitter, she said, "This will further isolate Russia from the world."

Johnson: Starve the Putin regime of its funding

The United Kingdom was joining other countries in immediately banning imports of Russian gold, said a statement from the office of Prime Minister Boris Johnson.

"New exports of Russian gold will no longer be allowed to be enter the U.K., Canada, U.S. and Japan thanks to tough new measures to be announced at the G7 Summit starting today," it added.

The statement quoted Johnson as saying, "We need to starve the Putin regime of its funding. The U.K. and our allies are doing just that." The statement can be read in its entirety at the U.K.

government website.

Russia: Ukraine does not have its own history

The same day as Biden announced the pending ban on imported Russian gold, Russian Foreign Minister Sergei Lavrov claimed that Ukraine did not have its own separate historical identity. "Ukraine tried to build its sovereignty by cancelling its own history. But it does not have a history without the Russian people, none at all," he said in comments posted on Twitter by the Russian embassy in London.

Soon after his arrival in Germany, Biden met with Chancellor Olaf Scholz.

"The leaders underlined their commitment to Ukraine’s sovereignty and territorial integrity, as well as their continued provision of military, economic, humanitarian, and diplomatic support to help Ukraine defend its democracy against Russian aggression," a White House statement said.

The statement can be found on the White House website.