Commission: New set of sanctions in Russia – Embargo on gold imports

The European Union is trying with a new set of measures to financially strangle Moscow and deprive Vladimir Putin of important funds, with which he maintains his huge war machine. THE Commission jointly proposed with the High Representative new sanctions against Moscow, calling for an embargo on Russian gold imports. This is an action that is expected to hit the Kremlin’s coffers decisively, as the disposal of gold brings huge profits to the Russian economy every year.

As her report states ERT, the European Commission today adopted a joint proposal (High Representative-Commission) for a new package of measures to maintain and strengthen the effectiveness of the EU’s six wide-ranging and unprecedented sanctions package against Russia. Today’s “maintenance and alignment” package clarifies a number of provisions to strengthen legal certainty for operators and enforcement by Member States. It also further aligns EU sanctions with those of allies and partners, notably the G7.

Importantly, the package reiterates the Commission’s resolute stance to protect food security around the world.

The President of the European Commission, Ursula von der Leyen, reported that “Russia’s brutal war against Ukraine continues unabated. Therefore, we are proposing today to tighten the tough EU sanctions against the Kremlin, to implement them more effectively and to extend them until January 2023. Moscow must continue to pay a high price for its aggression.”

The High Representative, Joseph Borel, noted that “EU sanctions are tough. We continue to target those close to Putin and the Kremlin. Today’s package reflects our coordinated approach with international partners, including the G7. In addition to these measures, I will also submit proposals to the Council to add more individuals and entities to the list, with asset freezes and restricted travel.”

Today’s package will introduce an import ban on Russian gold, while strengthening controls on dual-use and advanced technology exports. In this way, it will strengthen the alignment of EU sanctions with those of our G7 partners. It will also strengthen reporting requirements to tighten the freeze on European assets.

The package also reiterates that EU sanctions do not in any way target trade in agricultural products between third countries and Russia. Likewise, the text clarifies the precise scope of certain financial and economic sanctions.

Finally, it is proposed to extend the existing EU sanctions for six months, until the next review at the end of January 2023. The package will now be discussed by member states in the Council with a view to its approval.

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