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Newsline: EU diplomats adopt embargo on Russian gold

European Union diplomats meeting in Brussels have adopted a new round of sanctions against Moscow for its war in Ukraine, including a ban on importing gold from Russia and freezing the assets of the country’s top lender Sberbank. It is the seventh EU package of sanctions on Russia. The last one passed in June imposed a ban on most Russian oil imports. “The main goal is to align with G7 partners, reinforce the implementation and close the loopholes where necessary,” the Czech government, which holds the EU’s rotating presidency, tweeted on Wednesday. (https://www.aljazeera.com/news/2022/7/20/eu-adopts-embargo-on-russian-gold-freezes-sberbank-assets) Russia is the second-largest gold-producing nation in the world. Gold exports are a significant source of revenue for Russia in terms of their ability to transact with the global financial system. Last year, they were worth $15.45bn and wealthy Russians have been buying bullion to reduce the financial effect of Western sanctions.

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