EU’s latest set of sanctions to ban Russian gold but exclude jewellery: Report

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The European Commission declared intentions to forbid the import of Russian gold on July 15, nonetheless in accordance to media reports jewellery will not initially be integrated on the record of commodities to be banned. Jewelry would in the beginning not be provided on the listing of merchandise that the EU will sanction, in accordance to a document obtained by Politico.

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In accordance to the draft sanctions bundle, which nonetheless desires to be accredited by EU countries, it shall be prohibited to invest in, import, or transfer, immediately or indirectly, “gold, as outlined in Annex XXVI, if it originates in Russia and has been exported from Russia into the Union or to any 3rd country,” Politico described.

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“Russia’s brutal war from Ukraine continues unabated. Moscow must continue on to pay a higher rate for its aggression,” Ursula von der Leyen, European Commission President said in a press launch.

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Nonetheless, the media agency reported citing the draft that the bloc would only prohibit gold in powder, unwrought or semi-manufactured sorts, gold cash, and squander or scrap gold. The doc does not contain gold jewelry these as gold chains or gold rings, according to Politico. This could develop loopholes that allow money to go on pouring into Kremlin coffers.

About 90% of Russia’s gold exports in 2019 went to UK

Each and every yr, Russia sells gold value billions of euros. About 90% of Russia’s gold exports in 2019 went to the Uk, which is no longer a member of the EU. The proposal is a part of a new implementation offer that more tightens export controls for state-of-the-art technology and dual-use products, as well as sets more robust reporting prerequisites for asset freezes of sanctioned persons.

In accordance to the document, the Fee intends to prohibit the export to Russia of goods including tear gas, fingerprint ink, police helmets and shields, as perfectly as h2o cannons that can be employed to damage folks. The legislation provides a number of exclusions to asset freezes in an apparent exertion to refute the Russian declare that the EU sanctions cause world hunger by preventing the shipment of food and grain. The import and transportation of agricultural and food stuff items, these as wheat and fertilisers, are also exempt from this rule. 

Graphic: AP



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