Oil, gas, but also gold. These are the topics on which G7 leaders they are discussing today in Munich with the aim of inflicting yet another blow on the Russian economy, already grappling with the sanctions imposed by the West after the invasion of Ukraine, and forcing the Kremlin to sit down at the negotiating table.
The stop to Russian gold
The proposal comes from the United States, which was immediately followed by the United Kingdom, Canada and Japan. The ban on Russian gold exports “will directly affect Russian oligarchs e it will strike at the heart of Putin's war machine”, said British Prime Minister Boris Johnson.
The US president, Joe Biden, also shares the same opinion, writing on Twitter: "The G7 will announce a ban on the import of Russian gold" from which Moscow "collects tens of billions of dollars".
To date, gold represents the second largest source of export income for Moscow, after energy. In fact, Russia produces about 10% of the gold mined worldwide and has reserves worth over 140 billion dollars.
With an export halt, it will become very difficult for Moscow to sell its gold abroad, as the ban would affect anyone trading gold with Russia.
The gas price ceiling on the G7 table
After the half-opening of the EU Council, which however has postponed the decision, the proposal to impose a price ceiling on energy could find new life within the G7. According to reports from Ansa, Washington would be interested in a ceiling on oil, but the issue will go hand in hand with that of gas prices. For now, reports a US administration source, among the G7 leader in Germany "there has not been a very extensive discussion on the price cap for oil prices". The theme, it is explained, will be “discussed in detail by the Sherpas”.
At the G7, the EU is ready to discuss the price cap on "oil-related services", for example on "financial and transport aspects", said the president of the European Council Charles Michel at a press conference. The goal, he explained, is "to hit Russia and not our economies" therefore we need to understand "the side effects" of any measures but we are ready "to make decisions".
Furthermore, according to the rumors, during a briefing held yesterday evening, Germany would have maintained a "constructive attitude" on the subject of the price cap. A German government source would have opened for the first time at ipossibility of a so-called "price cap" on imports, it is not known whether oil or gas. A position that would represent an about-face with respect to the one taken during the EU Council, when the chancellor Olaf Scholz had shown himself to be anything but inclined, fearing that such a decision could push Russia to totally block gas supplies.
