European Commission proposes ban on Russian gold

The European Union has targeted Russian gold exports in a seventh package of sanctions proposed by the European Commission on July 15.

The commission’s proposal slaps a ban on Russia's gold exports into the bloc as part of efforts to align EU sanctions with the Group of Seven (G7) leading industrialized nations and other international partners.

The G7 in June announced a ban on imports of Russian gold, a move aimed at Russian oligarchs and Russian President Vladimir Putin’s war machine. The British government said at the time that exports of Russian gold last year totaled more than $15 billion.

Six previous rounds of EU sanctions have targeted Russia's economy, financial system, central bank, top government officials, as well as Russian President Vladimir Putin and his inner circle. The last one passed in June imposed a ban on most Russian oil imports.