New EU sanctions against Russia: import ban on Russian gold

The new EU sanctions against Russia are officially in force. From now on no more Russian gold may be imported, and the assets of the largest bank in the country will be frozen.

As planned, the European Union has tightened sanctions against Russia over the war of aggression against Ukraine. One of the most important innovations is that Sberbank is now also on the EU sanctions list. The largest financial institution in Russia had already been excluded from the international financial communications network Swift in early June. Now funds and other bank assets can also be frozen. It is also no longer allowed to carry out transactions in the EU – apart from a few exceptions, such as payments for food or fertilizer.

The import of gold and gold jewelry from Russia into the EU is now also prohibited - even if the goods were previously sold in a third country. This is what the seventh package of sanctions against Russia says, which was published in the EU Official Journal on Thursday evening. It sends "a strong signal to Moscow," said EU Commission President Ursula von der Leyen on Twitter. "We will keep up the pressure for as long as necessary." Moscow must continue to "pay a high price for its aggression."

However, the effects of the gold embargo on Germany are manageable: According to the Central Association of German Goldsmiths, Silversmiths and Jewelers, Germany does not obtain its gold directly from Russia, but from so-called refineries that recycle the gold.

The president of the association, Michael Seuber, also sees ways to circumvent an import ban, since it is not possible to determine the origin. "So it could be that Russian gold still comes to Europe via other trade routes, of course," he said. According to the Commission, the UK and Switzerland are the main importers of gold in Europe.

In addition to Sberbank, dozens of other people and organizations have landed on the EU's sanctions list - including Andrei Kostitsyn, head of the mining company UGMK, the actor Vladimir Mashkov ("Mission: Impossible - Phantom Protocol") and various politicians, soldiers, and relatives of already listed Russian oligarchs.

»Night wolves« on the sanctions list

The package also contains punitive measures against members of the Russian nationalist motorcycle club »Night Wolves«, who are now no longer allowed to enter the EU. In addition, their assets in the EU will be frozen. Among other things, the measures affect the club president Alexander Saldostanov. According to the decision, he has close ties to Russian President Vladimir Putin and supports Russian state propaganda. According to the EU Commission, those affected by sanctions will in the future also have to state what assets they have in the EU. If they fail to do so, they could be prosecuted and their assets could be frozen and potentially confiscated. But this is a matter for national courts.