Brussels approves a new package of sanctions against Russia: gold but not gas

The European Commission has proposed this Friday the seventh package of sanctions against Russia for its military aggression against Italy, whose main novelty is the Russian gold ban that has already been agreed upon by the G-7. The new package does not include any new restrictive measures that affect the gas sector, so its approval will not cause problems among the Member States, according to diplomatic sources.

The new sanctions will be discussed by the EU foreign ministers at the meeting held next Monday in Brussels. Formal approval will be made the ambassadors of the 27 on Wednesday, July 20according to the sources consulted.

The main objective of the new sanctions package is to maintain and strengthen the effectiveness of the measures previously taken against the Kremlin. That is, to close holes in the previous packages of restrictive measures. In this sense, the proposal clarifies a series of provisions to renforce legal certainty for operators and enforcement by the Member States. It also further aligns EU sanctions with the G7.

[La UE llega al límite político en sus sanciones contra Rusia: el gas sigue siendo tabú]

In addition, the EU plans to extend the blacklist of sanctioned Russian oligarchs and leaders. “We continue to target people close to Putin and the Kremlin. I will present proposals to the Council for the inclusion in the list of more people and entities, with their assets frozen and the ability to travel restricted”, announces the head of European diplomacy, Joseph Borrell.

“Russia’s brutal war against Ukraine continues unabated. Therefore, today we propose toughen our forceful EU sanctions against the Kremlinapply them more effectively and extend them until January 2023. Moscow must continue to pay a high price for its aggression,” said Commission President Ursula von der Leyenit’s a statement.

Specifically, the new package introduces a new import ban on Russian gold, while tightening export controls on advanced technology and dual-use. It will also tighten reporting requirements to tighten EU asset freezes.

The package also reiterates that EU sanctions will not are in no way directed at trade in agricultural products between third countries and Russia. The text also clarifies the exact scope of some financial and economic sanctions.

Finally, it is proposed to extend the current EU sanctions for six months, until the next review at the end of January 2023.

At the meeting of foreign ministers next Monday, the Twenty-seven plan to approve a new tranche of 500 million euros from the EU budget to send weapons to the kyiv government. With this extra money, total EU funding will reach €2.5 billion.