Tue. Apr 23rd, 2024

Imports of the commodity will be included in the new package of sanctions, an EU commissioner said

The European Union will ban Russian gold as part of its seventh sanctions package and seek to “close exit routes” for those bypassing its earlier restrictions, EU commissioner Maros Sefcovic said on Friday, according to the Associated Press.

The EU will look into “ways we could slap a sanction regime on gold, which is an important commodity for exports from Russia,” Sefcovic stated.

“As soon as we reach an agreement at the level of member states, we will publish it,” he said ahead of an informal meeting of EU affairs ministers.

The move follows a ban on Russian gold agreed by the leading Western economies at a G7 meeting at the end of June.

Earlier on Friday, sources cited by Reuters claimed that Brussels would also tighten certain previous restrictions, including placing new curbs on the import of goods that could be used for military purposes, such as chemicals and machinery.

New individuals and entities considered close to the Kremlin will reportedly be added to the EU blacklist mandating asset freezes and travel bans.

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