Cyprus Mail 21 June 2022
In an effort to put further pressure on Russia, European Union leaders seem to be studying another - the seventh in a row - package of sanctions against Moscow.
According to a draft document, revealed by Reuters, the "27" during the Summit this week will refer to the possibility of new measures, now targeting Russian gold as well.
The EU has already adopted six packages of sanctions against Russia and Belarus since the start of the invasion of Ukraine in February. However, several sectors including gas remain largely untouched as EU governments try to avoid measures that could damage their economy more than Russia.
Tough deal
As Reuters reports, this draft represents a compromise between the Nordic and eastern countries that are pushing for a clear reference to a seventh package of sanctions in the summit's joint statement, and countries such as Germany and the Netherlands that want to focus on implementing the existing measures instead of adding more immediately.
Gold is one of the possible next targets, according to officials with knowledge of the discussions.
The Danish proposal
In fact, reports indicate that the issue was raised by Denmark at a closed-door meeting of EU envoys.
A person familiar with the work on sanctions told Reuters that the European Commission has already considered adding gold to a possible next round of sanctions, although it is unclear whether the measure concerns exports to Russia, imports from Russia or both.
Gold is a critical asset for the Russian Central Bank, which has faced restrictions on access to some of its assets held abroad due to Western sanctions.
