Sat. May 25th, 2024

The bloc’s seventh package of economic restrictions will reportedly include a ban on Russian gold imports

The European Union’s newest round of sanctions on Russia will target the country’s gold exports and tighten up existing loopholes, news site Euractiv reported on Thursday. Further energy sanctions are apparently off the table, as Europe grapples with the consequences of its earlier sanctions packages.

Russian gold imports have already been banned by the US, UK, Japan and Canada, in a move agreed during the G7 summit in Germany last month. While Russia’s gold exports were estimated to be worth around $15 billion in 2021, the ban was described by industry analysts as mostly symbolic, as Western sanctions have already closed off European and US markets to Russia’s bullion.

Citing EU diplomats, Euractiv said that the EU’s seventh sanctions package will also blacklist more Russian entities and individuals reportedly linked to the Kremlin, and will add certain goods to existing lists in a bid to crack down on sanctions evasion.

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