The European Commission has announced plans to ban the import of Russian gold as part of a new package of sanctions against the Russian Federation, but it currently leaves Russian jewelry out of the list of sanctioned goods under the draft new restrictions, which was reviewed by Politico.

The EU has begun drawing up plans to ban gold imports from Russia after the G7 countries announced an embargo on Russian gold last month in an attempt to stifle the Kremlin's war machine revenues..

“The brutal war of Russia against Ukraine does not stop. Moscow must continue to pay a high price for its aggression,” said European Commission President Ursula von der Leyen..

The draft of the new package of sanctions, which the EU countries have yet to approve, states that it is forbidden to buy, import or transfer, directly or indirectly, gold if it originates in Russia or was exported from the Russian Federation to the EU countries or to any third country.

But the draft annex to the document, obtained by Politico, shows that the block will only ban gold in powdered, raw or semi-finished form, as well as gold coins and waste or scrap gold.. The project does not mention gold in the form of jewelry, such as gold chains or rings.. This may leave loopholes through which money can flow into the Kremlin's treasury..

Russia exports billions of euros worth of gold every year. In 2019, about 90 percent of Russian gold exports came from the UK.

European Commission plans go beyond a simple ban on Russian gold imports. The proposal is part of a new package of sanctions that also introduces stricter reporting requirements to freeze the assets of sanctioned entities and tighten controls on the export of advanced technologies.. For example, the European Commission plans to ban the export to Russia of tear gas, fingerprint ink, police helmets and shields, and water cannons that can be used against people, the draft of a new package of sanctions says..

Apparently in an attempt to counter the Russian narrative that EU sanctions are contributing to world hunger by blocking grain and food exports, the draft new package of restrictions provides for some exceptions to blocking assets. Countries may allow the use of frozen assets if they are intended to prevent events that would have a " A similar exemption applies to the import and transport of agricultural and food products such as wheat and fertilizers..

Asked if this meant acknowledging that the EU had previously blocked the flow of fertilizer or grain, the EU diplomat replied that it was more of a "

“The European Commission does not say that we have done something to prevent grain exports, but on the contrary, it guarantees that there are no secondary consequences of other sanctions that could in some way create even a hint of an administrative burden on grain exports,” the EU diplomat said..

According to several diplomats, EU foreign ministers will discuss these plans on Monday, July 18.. The EU ambassadors can then adopt the draft sanctions during the meeting.

After the European Commission took weeks to get all countries involved in the previous round of sanctions - mainly due to Hungary blocking Russia's oil ban - EU diplomats told Politico that the new round of restrictions would likely pass without major problems..

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Earlier it was reported that in the new package of sanctions, the European Commission may change some of the restrictions imposed against Russia so as not to impede food exports..

The EU is also discussing the possibility of lifting sanctions against some Russians after the bloc's lawyers found that the restrictions could have been imposed "