EU Bans Gold Imports from Russia... Includes Freezing Assets of Largest Banks

EU Council Adopts New Sanctions Against Russia

[Image source=Yonhap News]

[Asia Economy Reporter Hyunju Lee] The Council of the European Union (EU), representing the governments of the 27 member states, adopted new sanctions against Russia on the 21st (local time), including a ban on the import of Russian gold and the freezing of assets of Sberbank, Russia's largest bank.

The EU Council announced that it adopted new measures to strengthen existing economic sanctions targeting Russia in response to Russia's ongoing invasion of Ukraine, and to enhance their implementation and effectiveness. These sanctions were published in the official journal and have come into effect.

Accordingly, the direct and indirect purchase, import, and transfer of Russian gold within the EU are prohibited. Exporting Russian gold from the EU to third countries is also banned. This measure applies to jewelry as well. The EU Council also added 54 individuals and 10 entities to the sanctions list. These include Sberbank, the pro-Putin far-right motorcycle club "Night Wolves," and companies in the military sector.

The EU Council further stated that the Syrian regime provided military support, including assistance, for Russia's attack on Ukraine, and decided to sanction six individuals and one entity involved in recruiting Syrian mercenaries fighting alongside Russian forces in Ukraine. As a result, the total number of individuals and entities subject to EU sanctions related to the attack on Ukraine has increased to 1,212 individuals and 108 entities. Sanctions include asset freezes and travel bans. The EU Council also announced that it will extend exemptions from the ban on transactions with certain state-owned entities related to agricultural product trade and the transfer of oil to third countries, in order to avoid potential negative impacts on global food and energy security.

The EU Council pledged to avoid measures that could lead to global food insecurity and stated that EU sanctions against Russia related to Ukraine do not target agricultural or food trade between third countries and Russia in any way.

This content was produced with the assistance of AI translation services.