Kathmandu,

June27,

To give another blow to the Russian economy, US on Sunday said that the Group of Seven (G7) countries are going to announce sanctions on Russian gold.

Russia supplies around a tenth of the world's gold and has reserves valued at $140bn, according to estimates by the World Gold Council.

The G7 nations - Canada, France, Germany, Italy, Japan, the US and the UK - resolved to outlaw imports of newly mined or refined gold from Russia. The ban will not affect gold previously exported from Russia.

Joe Biden said: "The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine. Together the G7 will ban the import of Russian gold , a major export that rakes in tens of billions of dollars for Russia.''