The European Union is working on imposing new sanctions on Russian gold after a discussions among the G7 nations last month.
Russia is the world's second-largest gold mining country and its exports of the precious metal were estimated to be worth £12.6 billion ($15.03bn) in 2021.
Britain believes the measure will have a “huge impact” on Russian President Vladimir Putin’s ability to fund his armed forces and oligarchs’ attempts to avoid the effects of financial sanctions on buying bullion.
Preparations for the new package were on Wednesday continuing and it was understood some nations will be pushing to add more measures before they are presented to member states for approval.
The G7 — EU members France, Germany and Italy as well as the US, Canada, Japan and the UK — last month announced that such a package was imminent.
“The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine,” US President Joe Biden tweeted.
He said gold was "a major export that rakes in tens of billions of dollars for Russia”.
Read More : https://www.thenationalnews.com/world/uk-news/2022/07/13/eu-finalising-ban-on-russian-gold-exports-in-new-sanctions-package/
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