GARMISCH-PARTENKIRCHEN /Germany/, June 26. /TASS/. The G7 Group of developed nations will announce a ban on Russian gold imports in broader sanctions on Moscow over the conflict in Ukraine, US President Joe Biden said on Sunday.

"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 wrote on Twitter.

The US president also claimed that Washington "has imposed unprecedented costs" on Russia over the conflict in Ukraine.

The news agency Reuters reported earlier on Sunday, citing an unnamed US administration official, that the G7 would announce a ban on Russian gold imports on June 28.

Russian President Vladimir Putin announced on February 24 that in response to a request by the heads of the Donbass republics for assistance he had made a decision to carry out a special military operation in Ukraine. The Russian leader stressed that Moscow had no plans of occupying Ukrainian territories, noting that the operation was aimed at the denazification and demilitarization of Ukraine.