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The European Union on Friday (July 15) formally proposed newest package deal of sanctions that features an import ban on Russian gold. European Fee mentioned in a press release that new measures are thought of “”a upkeep and alignment package deal”
Reuters mentioned that officers privately referred to it as a “sixth-and-a-half” set of sanctions. This was in reference to its restricted scope. Six earlier rounds of sanctions hit Russian oil or coal.
Some measures might nonetheless have a severe impression on the affected sectors.
“We do need to guarantee that the conflict finishes as rapidly as attainable in order that the financial value that Russia has to pay turns into ever greater – the value it has to pay for its aggression,” EU Fee Vice-President Maros Sefcovic informed a information convention earlier than the sanctions had been introduced.
To ensure that these measures to grow to be regulation, EU international locations should now agree on this measures. Europeam diplomats mentioned that the measures had been uncontroversial and will cross by simply.
In accordance with Russian customs knowledge, Britain is the biggest purchaser of Russian gold with 290 tonnes in 2020 value $16.9 billion.
However a senior EU official insisted that the EU’s determination is not going to be merely symbolic as “it would reduce off one other faucet of funding for Putin’s conflict in Ukraine”.
(With inputs from businesses)
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