EU to consider possibility of imposing ban on gold imports from Russia

EU to consider possibility of imposing ban on gold imports from Russia

The European Union is ready to explore the possibility of imposing a ban on the import of Russian gold, but it is important that sanctions do not harm the EU economy. This was announced on Sunday by European Council President Charles Michel at a press conference in the Bavarian castle of Elmau, where the G7 summit will be held.

"We are ready to watch, study, if it is possible to aim in such a way that it will harm the Russian economy, and not our economy", Michel said.

According to him, this issue will be raised at the G7 summit and with representatives of the EU countries, which must unanimously make decisions on sanctions.

Let us remind you that on Sunday it became known that the United Kingdom, the United States, Canada and Japan are going to impose a ban on the purchase of Russian gold in response to the special operation of the Russian Federation in Ukraine.

"New exports of Russian gold will no longer be allowed to the UK, Canada, US and Japan thanks to new tough measures to be announced at the Group of Seven (G7) summit starting today", Downing Street said, noting that the British Prime Minister would call on his colleagues in the G7 to introduce similar measures.

The message about the imposition of an embargo on Russian gold was confirmed by the President of the United States, Joe Biden, later.

"The G7 together will announce a ban on the import of Russian gold, the main export that brings Russia tens of billions of dollars", he wrote on his Twitter.

Earlier, the Reuters news agency with reference to the US administration's unnamed representative, also specified that the ban would be officially announced on June 28.

In addition to this, on Sunday, Reuters, citing a source in the Elysee Palace, said that France supported the ban on gold exports from Russia..

The Office of the British Prime Minister Boris Johnson, clarified that the restrictions would apply to the import of newly mined and processed gold and would not affect the already purchased.