EU proposes new sanctions on Russian gold exports

The move follows a decision taken by the world’s most industrialised nations at a G7 meeting in late June.

Published On 15 Jul 202215 Jul 2022

The European Union is set to target Russian gold exports in an update to its sanctions packages while further tightening previous measures on Moscow amid the continuing war in Ukraine.

The EU has so far approved six packages of sanctions on Russia with the last one passed in June that imposed a ban on most Russian oil imports.

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“Russia’s brutal war against Ukraine continues unabated. Therefore, we are proposing today to tighten our hard-hitting EU sanctions against the Kremlin, enforce them more effectively and extend them until January 2023,” said EU Commission President Ursula von der Leyen in a statement on Friday.

“Moscow must continue to pay a high price for its aggression,” she added.

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The move on gold exports fulfils a decision agreed upon by the world’s most industrialised nations at a G7 meeting in late June in which EU members Germany, France and Italy took part. The United States, United Kingdom, Canada and Japan have already imposed the ban.

The proposal from the commission, which draws up international sanctions for the bloc’s 27 countries, will be discussed at