The EU unanimously agreed to the measures on Wednesday afternoon, 20 July:

  • European Union has agreed to ban imports of Russian gold
  • And also to freeze the assets of Sberbank, Russia's largest bank.

EU officials described the new penalties as a "maintenance and alignment" package that offers clarity and guidance on the measures already imposed against Russia.

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Background:

  • Russia is circa the fourth largest exporter of gold in the world. Gold is its top export after energy.
  • The ban is being viewed as a measure directed mainly at the Russian elite - gold bullion has been used as a safe haven to soften the impact of Western sanctions

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On the measures directed at Sberbank:

  • the new sanctions will also freeze the assets of Sberbank, Russia's largest bank, in the EU bloc
  • will prohibit all transactions between the bank and EU countries, with the exception of financial operations for the trade in food and fertiliser

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Info via Reuters

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Gold slid overnight:

gold 21 July 2022