"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 Russian economy and not in a manner that would target ourselves," Michel said at a press conference at the G7 summit.
Michel believes that the gold ban would deprive Moscow of revenue it needs to fund the military operation in Ukraine.
British media reported earlier in the day, citing the UK government, that the United Kingdom, the United States, Canada and Japan would ban newly mined Russian gold. The sanctions will not affect Russian gold exported before the ban takes effect.
US President Joe Biden confirmed shortly later that the ban on Russian gold imports will be announced by G7 countries at the summit in Germany, taking place from Sunday to Tuesday.