The EU is preparing to make gold the subject of new sanctions against Moscow
This is stated in the draft outcome document of the upcoming EU summit
Increasing pressure on Russia and continuing to work on new sanctions, EU leaders intend, as evidenced by the draft outcome document of the upcoming EU summit, pay attention to gold-related assets.
Since the beginning of the Russian invasion of Ukraine, the EU has adopted six packages of sanctions against Russia and Belarus, but some sectors of the economy, including gas, are practically not affected by these sanctions.
“Work on sanctions will continue, including for strengthening implementation and preventing (their) circumvention,” is what EU leaders intend to say after the summit, judging by the latest version of the final communiqué seen by Reuters.
The text is a compromise between the Scandinavian and Eastern countries, which insisted on a clear mention in the document of the new, seventh package of sanctions, on the one hand, and countries such as Germany and Belgium, which call for focusing on the implementation of already developed measures, and not on the immediate introduction of new ones. on the other.
According to officials familiar with the discussion, one of the possible targets for new sanctions is Russia's gold assets.
Gold is the most important asset for the Central Bank of Russia , facing restrictions on access to some of its foreign assets under Western sanctions.
At a closed-door meeting last week, a Danish representative suggested that Russian gold be one of the targets for further sanctions.
An insider told Reuters that the European Commission is working to add gold to the list of targets for the next round of sanctions.
For now it is not clear, however, whether we are talking about export or import operations, or both at the same time.