This week, European foreign ministers will gather in Brussels, and gold will be added to the latest package of "maintenance and alignment" penalties on Russia.
According to the European Commission, the newest update to the sixth round of sanctions, known as Sanctions 6.5, "clarifies a number of clauses to increase legal clarity for operators and enforcement by Member States."
Diplomats emphasised that the most recent modifications do not represent a fresh wave of penalties; nonetheless, the EU has included a new prohibition on the import of Russian gold in its most recent plans.
The Commission has decided not to include jewellery on its list of sanctions, it has been reported.
A draught proposal declares that "it should be banned to acquire, import, or transfer directly or indirectly gold mentioned in Annex XXVI if it originated in Russia and was exported from Russia to the Union or any third nation."
However, the bloc only aims to prohibit gold in powder, unwrought or semi-manufactured forms, gold coins, and gold waste and scrap, thus leaving a key source of revenue for Russia unrestricted.
President of the European Commission Ursula von der Leyen stated in a press statement, "Russia's cruel campaign on Ukraine continues unabated. Therefore, we propose today to increase the severity of our EU sanctions against the Kremlin, strengthen their enforcement, and prolong them until January 2023."
"Moscow must continue to pay a steep price for its actions," she warned.
Josep Borrell, the EU's High Representative for Foreign Affairs and Security Policy, stated, "EU sanctions are severe and repressive. We continue to target Putin and Kremlin associates."
"The package announced today represents our coordinated effort with international partners, including the G7. In addition to these measures, I will make suggestions to the Council for the designation of more persons and organisations whose assets will be frozen and whose travel will be restricted."
The most recent package would also implement stronger reporting requirements for asset freezes imposed on sanctioned persons, as well as export controls for dual-use and sophisticated technologies.
The revised package is due to be discussed by EU foreign ministers today, with a final approval expected later this week.
By fLEXI tEAM