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EU leaders to impose sanctions on Russia, gold flagged as new target – SABC News

EU leaders plan to put a lot of pressure on Russia at a summit this week when they will emphasize the need to continue sanctions, according to a draft document examining gold for a possible next round.

The EU has approved six packages of sanctions against Russia and Belarus since its inception invasion of Ukraine February, but several sectors, including gas, are largely intact as EU governments try to avoid actions that could harm their economies more than Russia‘s.

“Penalties will continue to be pursued, including to strengthen implementation and prevent circumvention,” EU leaders will say at the end of their regular summit on 23-24. June, according to the latest version of their draft results dated June 20 and Reuters has seen.

The text is a compromise between the Nordic countries and the East, which called for a clearer reference to the seventh package in the Declaration of the Summit and nations such as Germany and the Netherlands, which instead warned against focusing on current measures rather than adding more immediately.

The previous version of the text did not mention more work on sanctions, as the haircut represents victory for the hawk. But the new text does not directly refer to the seventh package, as Berlin requested.

Although no new package is being prepared at the moment, efforts are being made to identify sectors that could be affected, officials said.

Gold is one of the possible targets, according to officials familiar with the matter.

At a closed meeting of EU envoys last week, Denmark suggested that the next sanctions could affect gold in other sectors, according to a spokesman for the Danish ambassador to the EU.

A source familiar with the work on sanctions told Reuters that the European Commission was working to add gold to the possible next round of sanctions, although it was not yet clear whether the measure could ban exports to Russia, imports from Russia or both.

Gold is an important asset for the Russian central bank, which has faced restrictions on access to some of its assets abroad due to Western sanctions.

EU leaders to impose sanctions on Russia, gold flagged as new target – SABC News

Source link EU leaders to impose sanctions on Russia, gold flagged as new target – SABC News

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