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The European Commission announced the proposal of a new package of sanctions.
On Friday, the European Commission issued a statement announcing that a new package of sanctions against the Russian Federation has been proposed, should be approved will be effective after January next year.
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European Union Plans to Restrict Imports of Russian Gold
"Therefore, we are proposing today to tighten our hard-hitting EU sanctions against the Kremlin, enforce them more effectively and extend them until January 2023," said Ursula von der Leyen, EC President.
"Today's package will introduce a new import ban on Russian gold while reinforcing our dual use and advanced technology export controls. In doing so, it will reinforce the alignment of EU sanctions with those of our G7 partners. It will also strengthen reporting requirements to tighten EU asset freezes," read the statement.
"The package also reiterates that EU sanctions do not target in any way the trade in agricultural products between third countries and Russia. Likewise, the text clarifies the exact scope of some financial and economic sanctions," continued to say the EC.
Moscow must continue to pay a high price for its aggression against Ukraine.
— European Commission ���� (@EU_Commission) July 15, 2022
We are proposing to tighten our hard-hitting EU sanctions by introducing a new import ban on Russian gold, reinforcing our technology export controls and extending them until 2023.#StandWithUkraine
"Finally, it is proposed to extend the current EU sanctions for six months, until the next review at the end of January 2023," explained the document.
The decision is expected to be approved by the EU Council, scheduled for late July.
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