Sunday

28th May 2023

EU diplomats discuss Russia gold sanctions

  • New ban to include trade in Russian gold (Photo: bankofengland.co.uk)
Listen to article

EU diplomats will hold initial talks on new Russian sanctions on Monday (18 July), amid proposals to ban gold exports and blacklist more individuals.

The sanctions package will "introduce a new import ban on Russian gold, while reinforcing our dual use and advanced technology export controls," the EU Commission said Friday.

Read and decide

Join EUobserver today

Become an expert on Europe

Get instant access to all articles — and 20 years of archives. 14-day free trial.

... or subscribe as a group

It will "reinforce the alignment of EU sanctions with those of our G7 partners" and "strengthen reporting requirements to tighten EU asset freezes".

It will also make clear "EU sanctions do not target in any way the trade in agricultural products between third countries and Russia".

And it will clarify "the exact scope of some financial and economic sanctions" on Russia to ensure companies worldwide can ship and insure Russian food exports without worrying about fines.

The details, including the new names to join the Russia blacklist, remain under wraps for now.

But according to the Politico news website, they include an exemption on exports of Russian-made jewellery amid the broader gold-trade ban.

The new sanctions represent the seventh round of EU measures since Russia invaded Ukraine in February.

They are minimalist compared to previous EU threats to also ban imports of Russian gas, which unravelled due to soaring energy prices and fears of empty storage tanks in Europe in the coming winter.

But the EU did earlier agree to phase out buying of Russian oil and coal, switch off most of its banks' access to international payments systems, and blacklist Russian president Vladimir Putin, his daughters, and even his girlfriend.

It has also sent billions of euros of weapons to the Ukrainian military.

The gold-ban package could enter into force by the end of the week, unless malcontents, such as Hungary, which has vetoed elements of previous proposals, raise objections.

The EU's focus on agricultural markets comes amid drastic food shortages in Africa caused by Russia's blockade of Ukrainian grain, which Russian propaganda has tried to blame on the West.

Investigation

Revealed: Who were Russia's spies in the EU corridors?

An IT expert who stirred up anti-EU hatred, an Orientalist, and biological weapons specialists — the profiles of 19 more spies expelled from Belgium in April show what Russia's embassy to the EU was up to.

EU creates hub to stop arms-smuggling out of Ukraine

EU home affairs commissioner Ylva Johansson announced a hub in Moldova to battle organized crime, particularly arms smuggling from war-torn Ukraine. The hub will be a "one-stop-shop" allowing the EU's border guard agency Frontex to support local border agencies.

Opinion

How the EU's money for waste went to waste in Lebanon

The EU led support for the waste management crisis in Lebanon, spending around €89m between 2004-2017, with at least €30m spent on 16 solid-waste management facilities. However, it failed to deliver.

Latest News

  1. How the EU's money for waste went to waste in Lebanon
  2. EU criminal complicity in Libya needs recognition, says expert
  3. Europe's missing mails
  4. MEPs to urge block on Hungary taking EU presidency in 2024
  5. PFAS 'forever chemicals' cost society €16 trillion a year
  6. EU will 'react as appropriate' to Russian nukes in Belarus
  7. The EU needs to foster tech — not just regulate it
  8. EU: national energy price-spike measures should end this year

Stakeholders' Highlights

  1. International Sustainable Finance CentreJoin CEE Sustainable Finance Summit, 15 – 19 May 2023, high-level event for finance & business
  2. ICLEISeven actionable measures to make food procurement in Europe more sustainable
  3. World BankWorld Bank Report Highlights Role of Human Development for a Successful Green Transition in Europe
  4. Nordic Council of MinistersNordic summit to step up the fight against food loss and waste
  5. Nordic Council of MinistersThink-tank: Strengthen co-operation around tech giants’ influence in the Nordics
  6. EFBWWEFBWW calls for the EC to stop exploitation in subcontracting chains

Join EUobserver

Support quality EU news

Join us