Bloomberg learned about the work of the EU on sanctions against Russian gold

According to Bloomberg sources, the EU is working on new sanctions, including those aimed at Russian gold, in line with the actions of the G7 countries. Previously, the US, UK, Canada and Japan banned its import

Bloomberg learned about EU work on sanctions against Russian gold

The European Union is working on new sanctions that will affect Russian gold, sources told Bloomberg. According to them, the work is being carried out in accordance with the actions of the G7 countries. The interlocutors of the agency did not provide other details of the measures that the EU is preparing.

This week, the four G7 countries — USA, UK, Canada and Japan— banned the import of Russian gold. The sanctions do not apply to gold mined in Russia, which was taken out of the country before June 28. US President Joe Biden explained the ban by saying that gold is a “major share of exports” that brings Russia “tens of billions of dollars”, while the US and its allies want to cut the income of the Russian authorities.

The readiness to consider the possibility of introducing a similar ban was also announced in the European Union. As European Council President Charles Michel explained, first, the European authorities want to assess whether such a measure will not harm the economy of the union itself. G7 members said that “the market for precious metals is quite large.” And if one market ceases to be attractive due to illegal decisions, there is a “reorientation to where these goods are more in demand and where there are more comfortable and more legal economic regimes,” said Dmitry Peskov, press secretary of the president.

Russia— one of the world's largest exporters of gold. According to the Ministry of Finance, in 2021, Russian gold mining companies produced 346.4 tons of gold. Approximately 87% of this volume, or 302.2 tons, went to export, which brought in $17.4 billion, according to FCS statistics.

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