The leaders of the UK, US, Canada and Japan will ban imports of Russian gold in an effort to hit Moscow’s ability to fund the war in Ukraine.
The UK said the measure would “strike at the heart of Putin’s war machine”.
Boris Johnson and US president Joe Biden unveiled details of the ban as the G7 nations met in Bavaria on Sunday with the Russian war against Ukraine set to dominate the summit. Mr Biden suggested the other G7 nations - Germany, France and Italy - would also join the ban.
At the summit leaders will discuss strategies to secure energy supplies and tackle inflation, aiming to keep the fallout from Russia's invasion of Ukraine from splintering the global coalition working to punish Moscow.
Foreign Secretary Liz Truss and her Ukrainian counterpart Dmytro Kuleba have urged the free world to ignore "defeatist voices" who propose a "sell out" for a "quick end to the unrelenting horror" of the war.
The pair insisted the Ukrainian people "do not have the luxury to feel fatigued", after Prime Minister Boris Johnson warned pressure would grow to coerce the the nation to a "bad peace" due to economic stresses sparked by the Russian invasion.
