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EU imposes further sanctions on Moscow over Ukraine invasion

Belgium EU Russia Ukraine Power
Belgium EU Russia Ukraine Power

The European Union on Thursday imposed more sanctions on Russia over its war in Ukraine after the bloc’s member states backed a series of measures to tighten export controls on gold imports and some high-tech goods.

European Commission President Ursula von der Leyen said EU sanctions against the Kremlin had been strengthened, sending a strong signal to Moscow: We will keep up the pressure as long as it takes.

The details of the bans were still unclear as they still need to be posted in the EU’s official journal.

European Union officials are looking for ways to tighten a comprehensive package of sanctions on Russia and add restrictions on gold exports in the hope that the measures could eventually have a decisive impact on the war in Ukraine.

EU foreign affairs chief Josep Borrell said on Monday that “the most important thing at the moment is the ban on Russian gold,” which is Moscow’s second-largest export industry after energy.

The Group of Seven leading industrial nations already committed to gold sanctions last month, arguing that Russia has used its gold to back up its currency to avoid the impact of a round of sanctions that countries around the world have already imposed on Moscow for February. 24 attacked Ukraine.

On top of the restrictive measures, the EU decided to give Ukraine 500 million euros (£424 million) to increase military aid.

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