EU Bans Russian Gold Imports

The Council of the European Union announced Thursday it would ban the import of Russian gold as part of the seventh package of sanctions against Russia.

The additional sanctions would prohibit the direct or indirect purchase, import, or transfer of Russian gold, including jewelry.

“Today, we are taking another important step to curtail Russia’s capacity to continue and finance its war of aggression against Ukraine. We are effectively banning Russia’s most significant export after energy – Russian gold,” said Josep Borrell, EU’s High Representative for Foreign Affairs and Security Policy.

The EU Council said it intends to tighten existing economic measures against Russia, but it would continue to exempt agricultural products from the embargo to overcome the global food crisis. The council said it avoids adopting measures that would lead to food insecurity.

The council also said it does not prevent countries from purchasing pharmaceutical or medical products from Russia.

In January, Russia exported $745 million worth of gold. Russia has shipped most of its gold to the United Kingdom, Kazakhstan, Switzerland, Germany, and Israel. In May, Switzerland imported three tons of Russian gold.

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