The G7 countries are reportedly about to announce a ban on imports of Russian gold as part of new sanctions to hold Russia accountable for the war in Ukraine.
The U.S. and British officials say the measure is being discussed at the G7's annual summit in Germany and an official announcement will come on Tuesday.
Another issue on the table is China's multi-trillion-dollar Belt and Road project, where China has development programs and investment in over 100 countries to create a vast trade route from Asia to Europe.
The G7 leaders aim to raise 600 billion U.S. dollars in private and public funds within 5 years to financially support developing countries and counter China's project.
U.S. President Joe Biden said this will help these countries see the benefits of partnering with democracies instead of China.