EU’s new package of sanctions against Russia enters into force

On 21 July, the European Union adopted its new “maintenance and alignment” package of sanctions, which introduces a new prohibition to import gold, also includes one of Russia’s largest banks – Sberbank – and extends for six more months all the already existing restrictive measures, said the Ministry of Foreign Affairs of Lithuania.

Gold constitutes Russia’s most significant export after energy products. EU and the like-minded countries’ sanctions have already severely restricted the import of gold from Russia, but the new prohibition sends a clear message to Russia.

The new package also lists additional individuals, as associates of the Russian President Vladimir Putin, and entities linked to the Kremlin, as well as strengthens reporting requirements, putting the burden of declaring assets onto sanctioned people.

The new measures aim to further limit Russia’s access to dual-use goods and technology. In addition, Russian vessels are banned from accessing EU seaports. With a view to avoid any potential negative consequences for food around the world, the EU also decided to extend the exemption from the prohibition to engage in transactions with certain state-owned entities as regards transactions for agricultural and food products, including grain and fertilisers.