(MENAFN) According to persons familiar with the situation, the European Union is working on fresh penalties that will encompass Russian gold. The EU is attempting to curtail Moscow's funding streams, according to the article.
Preparations for the new sanctions package are underway, and some countries will attempt to include more measures in the plans before they are given to member states for ratification, according to one of those quoted in the paper.
The revelation comes after the United States banned Russian gold imports on Tuesday, with the United Kingdom, Japan, and Canada following suit.
As per industry analysts, the Russian gold restriction is essentially symbolic because Western sanctions have effectively blocked off European and US markets to gold from the world's second-largest bullion miner. According to experts, Russia may still export the precious metal straight to refineries or to purchasers in China, India, and the Middle East.
According to a news agency, Russia's gold exports are expected to be worth USD15 billion in 2021.
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