The European Council may ban gold imports from Russia following the G7

The European Council is ready to discuss the ban on the import of gold of Russian origin. This was stated by the President of the European Council Charles Michel at a press conference during the G7 summit in the Bavarian castle of Elmau.

"We are ready to watch and study. To see if it is possible to target the Russian economy so that, in some way, it does not harm our economy," Michel said.

According to him, the task is common to European countries, it is designed to hit the Russian authorities and the financing of military operations. Charles Michel noted that the EU is making efforts to "adapt and clarify" sanctions so that they do not harm the economy of Europe and its partners.

Earlier, on June 26, US President Joe Biden and British Prime Minister Boris Johnson announced the introduction of a ban on the import of Russian gold. The British government pointed out that in recent months this precious metal has been in demand among Russian "oligarchs" who are rushing to buy gold bars, trying to avoid the financial consequences of Western sanctions.

The ban applies to the extraction of new metal, which does not affect gold previously exported from Russia. London has said it has no plans to expand sanctions on legally purchased Russian gold until the measures are in place.