The leaders of the G-7 nations will announce a ban on Russian gold imports for Moscow's unprovoked invasion of Ukraine, U.S.

The sanctions have aimed to crush the Russian economy and have included bans or curbs on oil and gas imports and trading with Russian banks and individuals.

government on Sunday also confirmed the move to ban Russian gold imports, saying it would apply to newly mined gold and refined gold — excluding gold that may have come from Russia but had already been exported.

Despite the unprecedented level of sanctions imposed on the Kremlin, the Russian ruble actually hit its strongest level in seven years last week following a February collapse.