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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
By
Alberto Nardelli
1 July 2022 at 6:48 pm AWST
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.
Industry analysts are less enthusiastic, describing the ban as largely symbolic because penalties imposed on Russia after its invasion of Ukraine have effectively already closed off European and US markets. And even flows to traditional centers of trading in London and Zurich have mostly dried up due to self-sanctioning by the industry.
Preparations for the new sanctions package are ongoing and some nations will be pushing to add more measures to the proposals before they are presented to member states for approval, one of the people said.
The new package will also cover fixes to previously approved measures, which could include adjustments to rules around the transit of sanctioned goods to the Russian enclave of Kaliningrad, said the people, who spoke on condition of anonymity to discuss private discussions.
Some officials have raised concerns that Lithuania could be pressured into allowing banned goods to transit through the country to Kaliningrad. Lithuania is imposing restrictions in line with sanctions agreed by the whole bloc, and people as well as the vast majority of goods continue to move freely between the two parts of Russia.
Still, prohibitions on more Russian goods are set to come into force this month and the European Commission has been seeking to agree new guidance with Vilnius before then amid worries the standoff could escalate.
One of the people said any rules on applying sanctions would need to be for the whole EU and not single out Lithuania. Moscow has threatened to retaliate against the EU member state if it continues to block rail transport of goods such as steel.