The European Union gave a cautious response on Sunday to plans by fellow G7 members to ban imports of Russian gold, and said it needed more certainty before signing up to a US initiative to cap the price of Russian oil.
G7 leaders met in southern Germany for a three-day summit from Sunday designed to show their united response to Russia’s invasion of Ukraine four months ago.
For the latest headlines, follow our Google News channel online or via the app.
European Council President Charles Michel was cautious about a plan from Britain, United States, Japan, and Canada to ban imports of newly mined or refined Russian gold.
“On gold, we are ready to go more into the details and to look if it’s possible to target gold in a manner that would target the Russian economy and not in a manner that would target ourselves,” Michel, who chairs EU summits, told a news conference as G7 leaders arrived.
The EU, which plans to ban imports of most Russian oil from the end of the year, also has reservations about a US push for a broad oil price cap or “price exception” to restrict Moscow’s energy revenue.
A price exception could work through a mechanism to restrict or ban insurance or financing for Russian oil shipments above a certain amount. It could prevent spillover effects to low income countries that are struggling with high food and energy costs.
Michel said G7 leaders would discuss a technical mechanism that had the effect of an oil price cap through services related to oil and export insurance.
“I’m careful and cautious, we are ready to go into the details. We are ready to take a decision together with our partners, but we want to make sure that what we decide will have a negative effect (on Russia) and not a negative effect for ourselves,” Michel said.
G7 leaders to discuss prospect of reviving Iran nuclear talksG7 leaders will discuss the prospect of reviving the Iran nuclear talks after the European Union’s foreign policy chief met senior officials in Tehran ... World News
Biden: G7 and NATO must ‘stay together’ against Russia’s invasion of UkraineUS President Joe Biden on Sunday praised Germany’s Chancellor Olaf Scholz for his leadership in the wake of Russia's war against Ukraine and urged the ... World News
Four G7 powers to impose ban on Russian gold exportsFour G7 powers will ban Russian gold exports in a new bid to stop oligarchs from buying the precious metal to avoid the impact of sanctions against ... World News
Biden, G7 allies to confer on energy, inflation, Ukraine warPresident Joe Biden and his Group of Seven allies will huddle Sunday on strategies to secure energy supplies and tackle inflation, aiming to keep the ... World News
UK PM Johnson urges G7 not to ‘give up’ on Ukraine, pledges fresh financial supportBritish Prime Minister Boris Johnson on Saturday urged fellow G7 leaders not to “give up” on Ukraine four months into Russia’s grinding war, as he ... World News
Protestors call on G7 for action on poverty, climate in GermanySome 4,000 people marched in Munich on Saturday calling on leaders of the Group of Seven industrialized countries to take action to fight poverty, ... World News
Germany urges G7 to reverse fossil fuel finance rule in blow to climate targetsGermany is pushing for Group of Seven nations to walk back a commitment that would halt the financing of overseas fossil fuel projects by the end of ... World News