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The European Union (EU) is mulling a gold import ban on Russia in the wake of its invasion of Ukraine, reported Bloomberg News citing parties privy to the development.

A similar move was recently announced by the Group of Seven (G7) nations against Russia to further cripple the latter’s revenue sources.

At that time, the UK said the new gold imports ban from Russia would have a ‘huge impact’ on Moscow’s ability to fund its armed forces.

In 2021, Russia’s gold exports were estimated to be worth £12.6bn. It is claimed to be the world’s second-largest gold mining country.

One of the parties said that preparations are underway for the new set of sanctions against Russia. This is anticipated to add more measures to the proposals already submitted for approval to member states.

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Furthermore, the new sanctions package will include fixes to previously approved measures, including modifications to rules related to sanctioned goods’ transit to Kaliningrad in Russia.

However, some officials suggest that Lithuania could be pressured to allow the transit of banned goods through the country to Kaliningrad.

In line with sanctions agreed by the bloc, Lithuania is also imposing certain restrictions on Russia.

One of the people said any measure on applying sanctions on Russia would be effective for the whole EU and does not rule out Lithuania.

At the recently held G-7 leaders’ meeting in Germany, the countries also agreed to discuss options to impose a price cap on Russian oil.

However, at a meeting last week, EU ambassadors said that the G-7’s proposed mechanism would not be implemented in the near future, reported Bloomberg News citing one of the people.