EU new sanctions package will forbid imports of Russian gold.

The seventh set of regulations prohibiting the entry of Russian gold was approved by the European Commission on Friday.

The suggestion is a component of a fresh set of policies aimed at enhancing the efficacy and implementation of the EU’s six prior sanctions packages against Russia.

The proposal will be reviewed by the member states in the EU Council the following week before being adopted, according to a statement from the Commission.

The Commission and the High Representative for Foreign Affairs jointly released the proposal.

The “maintenance and alignment” package, as it is also known, clarifies prior clauses to increase operator legal certainty and member state enforcement. It suggests, among other things, tightening export regulations for innovative technologies and dual-use items.

Additionally, it wants to bring the EU’s sanctions even closer to those of its friends and partners, particularly the G7 nations.

“…We are recommending today that the EU sanctions we now have in place on the Kremlin be strengthened, made more stringent, and extended through January 2023. Ursula von der Leyen, president of the European Commission, said in a statement that Moscow must continue to pay a hefty price for its aggression.

Josep Borrell, the high representative of the EU for international relations and security policy, continued, “The EU’s sanctions are severe and effective. We continue to pursue those with ties to Putin and the Kremlin.

He stated that he will also suggest expanding the list of people and organizations that the EU has designated as sanctioned, subject to asset freezes and travel restrictions.

The Commission emphasized that no part of the EU measures specifically target trade in agricultural goods between Russia and non-EU nations.

At the end of January 2023, the EU sanctions will be subject to their subsequent assessment.