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EU Looking to Ban Russian Gold in New Sanctions Package

  • Price cap on Russian oil exports not seen coming any time soon
  • Measures could include adjustments to earlier trade sanctions
A 12.5 kilogram gold ingot at the Prioksky non-ferrous metals plant in Kasimov, Russia.

A 12.5 kilogram gold ingot at the Prioksky non-ferrous metals plant in Kasimov, Russia.

Source: Bloomberg

The European Union is working on new sanctions to target Russian gold, matching a move by the Group of Seven nations aimed at further choking off Moscow’s revenue sources, according to people familiar with the matter.

Russia is the second largest gold mining country in the world, and its gold exports were estimated to be worth £12.6 billion in 2021. When the UK, the US, Japan and Canada unveiled their plans to ban new gold imports from Russia earlier this week, Britain said the measure would have a “huge impact” on Vladimir Putin’s ability to fund his armed forces and oligarchs’ attempts to avoid the impact of financial sanctions by buying bullion.