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Russia sanctions: EU plans to stop imports of gold

2022-07-15T11:51:13.685Z


During the G7 meeting, individual G7 states have already announced a gold boycott against the Kremlin. Now the EU wants to follow suit – and also close loopholes.


Enlarge image

Gold smelter in Krasnoyarsk, Russia: Important Russian export commodity

Photo: AA / abaca press / ddp

The European Union is stepping up sanctions pressure against Russia.

EU Deputy Commission President Maros Sefcovic said on the sidelines of a meeting of European Ministers in Prague that "sanctions against gold, which is an important export good for Russia." According to diplomats, the EU foreign ministers could deal with the Commission's proposal for the new sanctions on Monday in Brussels .

At the end of June, the USA, Great Britain, Japan and Canada announced an import ban on Russian gold before the summit of the seven major industrialized countries (G7) at Schloss Elmau.

The EU embargo that has now been announced would then take effect for the three European G7 countries Germany, France and Italy.

According to Sefcovic, the extended EU sanctions should also close a number of loopholes.

"We are concentrating on the question of how to close all back-up routes for those who want to circumvent the sanctions," said the Slovak commissioner.

Most recently, experts had warned that the precious metal from Russian mines could end up in Germany undetected.

Since the start of the Russian war of aggression at the end of February, the EU has adopted six packages of sanctions against Moscow.

The last included, among other things, an embargo on Russian oil.

Deputy Ukrainian Prime Minister Olga Stefanishyna also took part in the informal consultations in Prague.

She called on the EU states to seal the new sanctions “without further delay”.

hey/AFP

Source: spiegel

All business articles on 2022-07-15

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