EUROPEAN UNION PLANS TO BAN NEW GOLD IMPORTS FROM RUSSIA

Sat 16 July 2022:

On Friday (July 15), the European Union formally proposed its most recent set of sanctions, which includes a ban on the import of Russian gold. In a statement, the European Commission stated that the new measures are regarded as “a maintenance and alignment package.”

According to Reuters, officials referred to the sanctions as a “sixth-and-a-half” set in private. This was meant to emphasize its limited scope. Russian coal or oil were affected by six previous rounds of sanctions.

Some actions could still have a significant negative effect on the impacted sectors.

“We do want to make sure that the war finishes as quickly as possible so that the economic price that Russia has to pay becomes ever higher – the price it has to pay for its aggression,” EU Commission Vice-President Maros Sefcovic told a news conference before the sanctions were announced.

In order for these measures to become law, EU countries must now agree on this measures. Europeam diplomats said that the measures were uncontroversial and should pass through easily.

According to Russian customs data, Britain is the largest buyer of Russian gold with 290 tonnes in 2020 worth $16.9 billion.

But a senior EU official insisted that the EU’s decision will not be merely symbolic as “it will cut off another tap of funding for Putin’s war in Ukraine”.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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