Germany’s Scholz: Russia gold import ban has to be discussed with EU countries
|German Chancellor Olaf Scholz said on Monday, discussions ongoing on Russia's gold import ban have to be discussed with the European Union (EU) countries.
Over the weekend, four of the Group of Seven (G7) rich nations moved to ban imports of Russian gold to tighten the sanctions squeeze on Moscow and cut off its means of financing the invasion of Ukraine. Britain, the US, Japan and Canada agreed on the ban on new Russian gold imports.
But European Council President Charles Michel said that the issue would need to be handled carefully and discussed further.
Market reaction
Gold Price is off the highs but trades 0.50% higher at $1,835, as of writing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.