EU diplomats discuss Russia gold sanctions

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EU diplomats will maintain preliminary talks on new Russian sanctions on Monday (18 July), amid proposals to ban gold exports and blacklist extra people.

The sanctions bundle will “introduce a brand new import ban on Russian gold, whereas reinforcing our twin use and superior expertise export controls,” the EU Fee mentioned Friday.

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It’ll “reinforce the alignment of EU sanctions with these of our G7 companions” and “strengthen reporting necessities to tighten EU asset freezes”.

It’ll additionally clarify “EU sanctions don’t goal in any approach the commerce in agricultural merchandise between third nations and Russia”.

And it’ll make clear “the precise scope of some monetary and financial sanctions” on Russia to make sure firms worldwide can ship and insure Russian meals exports with out worrying about fines.

The small print, together with the brand new names to hitch the Russia blacklist, stay below wraps for now.

However in line with the Politico information web site, they embody an exemption on exports of Russian-made jewelry amid the broader gold-trade ban.

The brand new sanctions characterize the seventh spherical of EU measures since Russia invaded Ukraine in February.

They’re minimalist in comparison with earlier EU threats to additionally ban imports of Russian fuel, which unravelled resulting from hovering vitality costs and fears of empty storage tanks in Europe within the coming winter.

However the EU did earlier comply with part out shopping for of Russian oil and coal, change off most of its banks’ entry to worldwide funds techniques, and blacklist Russian president Vladimir Putin, his daughters, and even his girlfriend.

It has additionally despatched billions of euros of weapons to the Ukrainian navy.

The gold-ban bundle may enter into power by the tip of the week, except malcontents, akin to Hungary, which has vetoed parts of earlier proposals, elevate objections.

The EU’s concentrate on agricultural markets comes amid drastic shortages in Africa brought on by Russia’s blockade of Ukrainian grain, which Russian propaganda has blamed on the West.

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