US to raise tariffs on Russian products, ban gold imports

Elmau, Germany, Jun 27 (EFE).- The United States on Monday announced plans to raise tariffs on hundreds of Russian exports totaling $2.3 billion and ban imports of Russian gold as part of a raft of measures outlined at the Group of Seven Summit currently taking place in Bavaria.

A senior White House source, speaking on the condition of anonymity, told reporters that US president Joe Biden and other G7 leaders gathered for a summit in Elmau, Germany, would explore ways to use the money generated from the tariffs to support Ukraine and “make Russia pay” the cost of its war.

The package of tariffs is to affect over 570 categories of Russian goods and has been tabled in conjunction with G7 plans to pursue new sanctions on Russian entities, its defense supply chain and individuals accused of human rights abuses over their support for Moscow’s invasion of Ukraine.

G7 leaders also pledged to help Kyiv cover its budget deficit in the short term, which would entail an additional $7.5 billion from the US, the source said.

The US official added that the leaders of the G7, which brings together the world’s most advanced economies, were close to agreeing a deal to issue a price cap on Russian oil exports, the details of which are to be hammered out in the near future.

The White House source offered a preview of the G7 announcement as leaders prepared to listen to an address by Ukraine’s president Volodymyr Zelenskyy.EFE


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