British Prime Minister Boris Johnson stated on Sunday that four G7 powers – Britain, Canada, Japan and the United States – will ban Russian gold exports.

Britain and the U.S. would announce their decision on Sunday, followed by an official announcement on Tuesday, a senior U.S. administration official said on Sunday.

The U.S. Treasury Department will issue a determination to prohibit the import of new gold into the U.S. on Tuesday. The move is aimed at further isolating Russia from the global economy by preventing its participation in the gold market, according to Reuters.

During the summit, the G7 leaders are expected to seek to show a united front on supporting Ukraine for as long as necessary and cranking up pressure on the Kremlin - although they will want to avoid sanctions that could stoke inflation and exacerbate the cost-of-living crisis affecting their own people.

Western sanctions on Russia have not directly targeted commercial gold shipments, but many banks, shippers and refiners stopped dealing with Russian metal after the conflict in Ukraine began.

Banning the import of Russian gold would be the latest of several rafts of sanctions targeting Moscow since its conflict with Ukraine erupted on February 24, which UN estimated has killed over thousands.

(With input from agencies)