EU to target Russian gold in upcoming sanctions

EU to target Russian gold in upcoming sanctions on Moscow

The six sets of sanctions already adopted by the Europeans since the beginning of the Russian offensive at the end of February target economic sectors, including embargoes on coal and most oil, as well as more than a thousand Russian officials and oligarchs, hit with an asset freeze in the EU.

The European Union will target Russian gold exports in its next round of sanctions. It follows the decision taken by the G7 countries at the end of June

It will also seek “to close loopholes” for those who circumvent the Europeans’ previous sanctions against Russia, because of its offensive against Ukraine, EU Commissioner Maros Sefcovic announced Friday at a meeting of European affairs ministers in Prague.

The EU will examine “how to impose sanctions on gold, which is an important export commodity for Russia,” Sefcovic said.

“As soon as we reach an agreement at the level of the member states, we will publish” these sanctions, which will allow their implementation, he said.