The EU imposed a seventh round of sanctions on Russia for its invasion of Ukraine, including against its biggest lender.
European Union diplomats meeting in Brussels approved a new round of sanctions against Moscow for war in Ukraineincluding a ban on gold imports from Russia and an asset freeze on the country’s top lender, Sberbank.
This is the seventh EU sanctions package against Russia. The last one passed in June imposed a ban on most Russian oil imports.
“The main goal is to link up with G7 partners, strengthen implementation and close gaps when necessary,” the Czech government, which holds the EU’s rotating presidency, tweeted on Wednesday.
Russia is the second largest gold producer in the world. Gold export is a significant source of income to Russia in terms of its ability to deal with the global financial system.
They were worth $15.45 billion last year, and wealthy Russians bought bullion to cushion the financial impact of Western sanctions.
#COREPERII | ✅ Ambassadors approved the next package of sanctions in response to Russia’s aggression towards Ukraine 🇺🇦. The new measures will align the EU with its G7 partners, strengthen implementation and close gaps where necessary. # EU2022CZ
– EU2022_CZ (@ EU2022_CZ) July 20, 2022
When she proposed the measures to member states last week, EU Commission President Ursula von der Leyen said she would help enforce previous sanctions more effectively and extend them until January. year 2023.
She added: “Moscow must continue to pay a heavy price for its aggression.
The gold import embargo is in response to a decision agreed by the world’s most industrialized nations at the G7 meeting at the end of June, in which EU members Germany, France and Italy participated.
The sanctions will also freeze the assets of Russian bank Sberbank and add a number of people and organizations to the bank’s blacklist.
The measures also block assets at Russian banks linked to the food and fertilizer trade in an attempt to respond to Moscow’s accusations that the sanctions are causing a food crisis.
This is a “commitment that sanctions will not jeopardize food and energy security worldwide,” the Czech government said.
Crucial shipments through the Black Sea were intercepted by both Russian warships and mines that Kyiv set out to prevent a fearsome amphibious assault.
Food shortages have increased the risk of hunger for tens of millions of people in poorer countries, particularly in Africa, where leaders have complained to the EU about banking sanctions.
Six years ago Punishment rounds targeted the Russian economy, the financial system, the central bank, top government officials, as well as Russian President Vladimir Putin and his inner circle.
Some sanctions only took effect last month after a transition period.