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EU cautious on Russia’s gold ban and oil price cap – Michel

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European Council President Charles Michel attends a news conference during a summit of European Union leaders in Brussels, Belgium June 24, 2022. REUTERS/Johanna Geron

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SCHLOSS ELMAU, Germany, June 26 (Reuters) – The European Union on Sunday reacted cautiously to plans by other G7 members to ban imports of Russian gold, and said it needed more certainty before to subscribe to an American initiative aimed at capping the price. Russian oil.

G7 leaders gathered in southern Germany for a three-day summit from Sunday meant to show their united response to Russia’s invasion of Ukraine four months ago.

European Council President Charles Michel has been cautious about a plan by Britain, the United States, Japan and Canada to ban imports of newly mined or refined Russian gold. Read more

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“On gold, we are ready to go into more detail and see if it is possible to target gold in a way that would target the Russian economy and not in a way that would target us. “, said Michel, who chairs the European summits. a press conference upon the arrival of the G7 leaders.

The EU, which plans to ban imports of most Russian oil from the end of the year, also has reservations about US push for a broad oil price cap or a “price exception” to restrict Moscow’s energy revenues.

A price exception could work through a mechanism to restrict or prohibit the insuring or financing of Russian oil shipments above a certain amount. This could prevent ripple effects on low-income countries that are struggling with high food and energy costs.

Michel said G7 leaders would discuss a technical mechanism that would cap oil prices through oil-related services and export insurance.

“I am cautious and careful, we are ready to go into details. We are ready to make a decision with our partners, but we want to make sure that what we decide will have a negative effect (on Russia) and not an effect. negative for ourselves,” Michel said.

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Reporting by Philip Blenkinsop and Thomas Escritt; edited by Matthias Williams and Jane Merriman

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