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 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.

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