(MENAFN) The European Union intends to target Russian gold exports in an update to its sanctions packages, while increasing prior restrictions against Moscow in light of the ongoing conflict in Ukraine.
The EU has adopted six sets of sanctions on Russia, the most recent of which was passed in June and put a ban on most Russian oil imports.
According to EU Commission President Ursula von der Leyen, “Russia’s brutal war against Ukraine continues unabated. 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,” she noted.
The move on gold exports satisfies a resolution reached by the world's most industrialized nations at a G7 summit in late June, attended by EU members Germany, France, and Italy. The restriction has already been implemented in the United States, Canada, the United Kingdom, and Japan.
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