At the weekend, the news came that leaders of G7 countries planned to announce a ban on Russian gold imports. US President Joe Biden said that the G7 nations would impose a ban on gold imports from Russia. Moreover, this major export ranks in tens of billions of dollars for Russia.The G7 will make an official announcement on Tuesday.According to British Prime Minister Boris Johnson, the ban on Russian gold "will directly hit Russian oligarchs and strike at the heart of Putin's war machine".The news could have a significant impact on the gold market. According to the World Gold Council's latest data, Russia is the world's second-largest gold producer accounting for about 10% of global production. Moreover, Russians could be hard hit by this news as gold exports are the major source of revenue for Russia's economy. In 2021, they were worth $15.45 billion.Overnight, the price of the yellow metal rose significantly, i.e. by nearly 0.62%.Gold has been in a consolidation phase for the past few weeks. However, bulls will have to overcome resistance at $1,875 an ounce to get any real traction going.