The European Council allowed a ban on the import of gold from Russia after the G7 Sanctions

against Russian gold should not harm the EU economy, Michel said, noting the readiness of the European Council to explore possible accession to the restrictions.Previously, the G7 countries banned the import of gold from RUSSIA

The European Council is ready to consider the possibility of joining the G7, which banned the import of gold of Russian origin, these restrictions should be studied in order to avoid damage to the EU economy. This was stated by European Council President Charles Michel at a press conference during the G7 summit in the Bavarian castle of Elmau.

“We are ready to watch, to study. See if it's possible to target the Russian economy without hurting our economy in some way,” Michel said.

This task is common for European countries, it is designed to hit the Russian authorities and the financing of the special operation, he explained. Michel noted that the EU is making efforts to "adapt and refine" the sanctions so that they do not harm the economies of Europe and its partners.

G7 countries will impose a ban on the import of Russian gold Economics

Earlier, on the afternoon of June 26, US President Joe Biden and British Prime Minister Boris Johnson announced a ban on the import of Russian gold . London indicated that gold is in demand among Russian "oligarchs" who are looking for ways to avoid the consequences of sanctions. Biden noted that the EXPORT of gold brings Russia "tens of billions of dollars", the sale of metal abroad is a large share of exports. “We need to deprive the Putin regime of funding. The UK and our allies are doing just that,” the British Prime Minister said.

The ban will be extended to new metal mining, it will not affect gold, which was previously exported from Russia. London assured that there are no plans to expand sanctions against Russian gold acquired legally before the introduction of measures.

Russia is one of the world's largest gold exporters. According to the data of the Ministry of Finance, Russian gold mining companies produced 346.4 tons of gold last year. Most of the mined metal (302.2 tons, about 87%) was delivered abroad, which brought in $17.4 billion, according to FCS statistics.

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The Ministry of Finance proposed to determine the reserves of gold and platinum for the needs of mobilization Economics

Unnamed interlocutors told REUTERS earlier that restrictions on Russian gold could be included in the next EU sanctions package. The source of the agency indicated that it is not yet known whether this concerns the export of metal to Russia or import from it. Most of the refineries (engaged in deep cleaning) refused to accept metals of Russian origin, BLOOMBERG wrote, pointing out that before that, the London Precious Metals Market Association deprived six Russian productions of the status of suppliers of gold and silver.

The Russian authorities call international sanctions illegal, insisting that restrictive measures also negatively affect the countries imposing them. Presidential spokesman Dmitry Peskov in mid-June called the restrictive measures an "attempt to strangle", expressing confidence in their failure.

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