EU to propose new sanctions package against Russia in coming weeks – Bloomberg

12 July, 01:53 PM
New sanctions against the Russian Federation may include a ban on Russian gold (Photo:Jingming Pan\Unsplash)

New sanctions against the Russian Federation may include a ban on Russian gold (Photo:Jingming Pan\Unsplash)

The European Union plans to introduce a new sanctions package in the coming weeks in response to Russia’s full-scale invasion of Ukraine, news agency Bloomberg reported on July 11, citing sources familiar with the matter.

The agency previously wrote that the new package of sanctions could include restrictions on gold imports, measures to bolster the effectiveness of previous sanctions, and an updated list of sanctioned individuals and entities.

According to the publication's sources, there is a continuing discussion regarding mechanisms for limiting oil prices, but this is unlikely to be included in the package of sanctions in the near future.

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Some EU member states are pushing to expand sanctions to Russian gas as well, but the vast majority of countries are reluctant to do so.

Earlier this month Bloomberg reported that the European Union is working on new sanctions against Russian gold. Russia is the second largest gold mining country in the world, exporting about $15 billion worth of gold in 2021.

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