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As the G7 leaders met for a conference overshadowed by the war in Ukraine and its effects on food and energy supplies as well as the global economy, US President Joe Biden reminded allies on Sunday that "we have to stick united" against Russia.

Four of the Group of Seven wealthy nations moved to ban the import of Russian gold at the beginning of the summit in the Bavarian Alps in order to strengthen sanctions against Moscow and cut off its sources of funding for the invasion of Ukraine.

Charles Michel, president of the European Council, stated that the matter needed to be handled cautiously and would need to be examined further. It was unclear whether the G7 was in agreement with the plan

Britain, the United States, Japan and Canada agreed the ban on new Russian gold imports, the British government said on Sunday.

The prohibition, according to Britain, is intended to protect wealthy Russians from the financial effects of Western sanctions by preventing them from purchasing safe-haven bullion. Last year, Russia exported gold worth $15.5 billion.

According to a German government source, the leaders of the G7 nations—Britain, France, the United States, Germany, Japan, Italy, and Canada—were also holding "very fruitful" discussions about the prospect of capping the price of Russian oil.

According to a representative of the French presidency, Paris would fight for a cap on oil and gas prices and was open to talking about a US proposal.

In order to curb China's expanding influence and lessen the effects of skyrocketing food and energy costs, the G7 leaders did agree to a vow to raise $600 billion in private and governmental contributions for developing countries.

German Chancellor Olaf Scholz welcomed partner states from Senegal, Argentina, Indonesia, India, and South Africa to the G7 summit. The collateral effect from Western sanctions on Russia is a concern for many developing nations.

The anguish caused by rising food prices for developing countries, according to Oxfam and other advocacy groups, is "visceral."

They urge the G7 to impose taxes on obscene corporate profits to aid those affected by the food crisis, forgive debts owed by the world's poorest countries, and aid developing nations in their fight against the food crisis and climate change.

According to an EU official, the G7 nations would make it clear to their partner nations that Russia's actions, not Western sanctions, were to blame for the increase in food prices.