President Joseph R.Biden, along with the other members of the Group of Seven (G-7), has announced a collective ban on the import of Russian gold at the 48th annual G-7 summit in Schloss Elmau, Germany. Russia is generally considered the world's second largest gold producer. The U.S. Treasury has prohibited the import of Russian Federation-origin gold into the United States with immediate effect, unless licensed or otherwise by the Office of Foreign Assets Control (OFAC).
