European Commission proposes import ban on Russian gold

• The European Commission has proposed a ban on Russian gold imports. As part of its latest package of sanctions against Russia.
• It also proposes extending current EU sanctions for six months, until the next review in January 2023.
• The package must still be debated and approved by EU member states.

The European Commission has proposed a ban on Russian gold imports, As part of its latest package of sanctions against Russia.

“The European Commission today adopted a joint (High Representative-Commission) proposal for a new package of measures to maintain and strengthen the effectiveness of the EU’s six broad and unprecedented sanctions against Russia,” the commission said in a press release.

The proposed package also seeks to prevent EU sanctions from targeting “trade in agricultural products between third countries and Russia in any way.” It also proposes extending current EU sanctions for six months, until the next review in January 2023.

It stated in the press release, “Today’s ‘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 our allies and partners, in particular in the G7. Importantly, the package reiterates the Commission’s determined stance to protect food security around the globe,”

“Russia’s brutal war against Ukraine continues unabated,” said European Commission President Ursula von der Leyen. As a result, we propose today to tighten our tough EU sanctions against the Kremlin, make them more effective, and extend them until January 2023. Moscow’s aggression must continue to cost it dearly.”

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The package must still be debated and approved by EU member states.

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