The G7 countries plan to impose an embargo on the import of Russian gold in order to deprive the Russian Federation of tens of billions of dollars a year, U.S. President Joe Biden has 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 announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia," Biden said on Twitter on Sunday.

Earlier it was reported that the meetings of the leaders of the G7 countries, which would also be joined by the leaders of Argentina, India, Indonesia, Senegal and South Africa, would be held in Germany from June 26 to June 28.

U.S. National Security Council spokesman John Kirby said that, among other things, the summit participants would discuss new measures aimed at isolating Russia from the world economy and disrupting supply chains for the Russian defense complex. It is also planned to reach new agreements to reduce energy and food prices in the world.

The summit will take place in the Bavarian Alps in Elmau. The last summit chaired by Germany, when Angela Merkel was Chancellor, was also held there.