The European Union is working on new sanctions, which will include a ban on Russian gold imports.
This was reported by Bloomberg with reference to interlocutors familiar with the matter.
Industry analysts describe the ban as symbolic, as sanctions imposed on Russia since its invasion of Ukraine have effectively closed European and US markets. In particular, the flow of gold to shopping malls in London and Zurich has largely stopped due to the "self-sanction" of the industry.
At a meeting in Germany, G7 leaders agreed to discuss options to limit the price of Russian oil, including by banning services such as insurance, which is needed to transport crude oil and petroleum products. However, according to journalists, EU ambassadors were told at this weekʼs meeting that the mechanism would not work in the near future.
A new package of sanctions is being prepared. It will contain adjustments to previously approved measures, which may include changes to the rules of transit of sanctioned goods to Russian Kaliningrad.
According to Bloomberg, a number of EU countries insist on tightening sanctions, including gas, but the European Union is not ready for bolder sanctions. Therefore, in the near future, the focus is likely to be on strengthening and expanding measures already in place, such as restrictions on technology exports and sanctions against Russian oligarchs and organizations.
- Russia is the second largest gold-producing country in the world. Its gold exports in 2021 were estimated at £ 12.6 billion.
- On June 28, the United States imposed additional sanctions on Russia, including a ban on imports of Russian gold. US President Joe Biden also said the United States would not insure Russian oil tankers.