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Brussels proposes new import ban on Russian gold

18 July 2022, 23:42 CET
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Brussels proposes new import ban on Russian gold

Russia EU

(BRUSSELS) - A new package of measures to maintain and strengthen the effectiveness of EU sanctions against Russia, proposed Tuesday by the EU Commission, include a new import ban on Russian gold.

The Commission proposal for a "maintenance and alignment" package clarifies a number of provisions to strengthen legal certainty for operators and enforcement by Member States. It also further aligns the EU's sanctions with those of its allies and partners, in particular in the G7. The package reiterates the Commission's determination to protect food security around the globe.

"Russia's brutal war against Ukraine continues unabated, " said the Commission president Ursula von der Leyen: "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. Moscow must continue to pay a high price for its aggression."

Today's package will introduce a new import ban on Russian gold, while reinforcing the EU's dual use and advanced technology export controls. In doing so, the EU executive says it will reinforce the alignment of EU sanctions with those of its G7 partners. It will also strengthen reporting requirements to tighten EU asset freezes.

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

Finally, it is proposed to extend the current EU sanctions for six months, until the next review at the end of January 2023.

The package will now be discussed by EU states with a view to its adoption.

European Commission website on EU sanctions against Russia and Belarus

European Commission website on Ukraine

Questions and answers on restrictive measures

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