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The European Union is looking to hit Moscow again with a new round of sanctions in an attempt to financially cripple its war effort in Ukraine, this time hitting Russia’s gold industry.
The 28-nation bloc plans a similar gold ban to the package of sanctions announced last week by four G7 members, including the US, UK, Canada and Japan, first reported by Bloomberg on Friday.
Russia is reported to be the second largest gold mining country in the world and exported approximately $15 billion worth of gold in 2021.
Russian President Vladimir Putin. (Getty Images / Getty Images)
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The US Treasury Department said on Tuesday that around 70 entities, including state-owned Rostec Corporation, which it described as “the cornerstone of Russia’s defence”, were targeted by the sanctions.
“The targeting of Russia’s defense industry will worsen [Russian President Vladimir] Putin’s capabilities further hamper his war against Ukraine, which is already plagued by poor morale, broken supply chains and logistical failures,” Treasury Secretary Janet Yellen said in a statement.
Treasury Secretary Janet Yellen speaks during a virtual roundtable with participants from Black Chambers of Commerce across the country to discuss America’s bailout plan, Friday, Feb. 5, 2021, from the South Court Auditorium of the White House (AP Photo/Jacquelyn Martin /AP Newsroom)
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Germany, France and Italy – the other three G7 member states – have not yet pushed through their own sanctions plans, although French officials said they supported such a ban and German Chancellor Olaf Scholz said a proposal was being discussed .
Industry officials reportedly told Bloomberg that the move is largely symbolic at this point, as European markets have effectively cut ties with Moscow following wide-ranging trade sanctions imposed at the start of the war.
Gold prices were higher in early Asian trade on Monday, May 2, 2022, with fears of higher US inflation boosting demand for the safe-haven asset. (REUTERS/Mike Segar/Reuters Pictures)
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Exports to Kaliningrad, a Russian province located between Poland and Lithuania on the Baltic Sea and with no direct land access to Russia, could also reportedly be hit by the latest EU sanctions package.
It is unclear when the next set of sanctions is scheduled to be announced.
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