| Advertisement |
July 22 (UPI) -- The European Union has announced a new package of punitive measures targeting Russia over its war in Ukraine, including a ban on gold, restraints on technology and the tightening of existing measures. The bloc's 27 member states agreed to the package of sanctions Thursday as the war in Ukraine nears five months old.
Advertisement
Ursula von der Leyen, president of the European Commission, the EU's executive branch, said she welcomed the "reinforced, prolonged EU sanctions" package.
"It sends a strong signal to Moscow: we will keep the pressure high for as long as it takes." she tweeted.
The EU has described the move as a "maintenance and alignment" package that bans the purchase, import and transfer, either directly or indirectly, of Russian gold, including jewelry.
Gold is Russia's largest non-energy revenue source, producing about $15.47 billion for Moscow last year.
It also expands the EU's list of controlled items that may contribute to Russia's military and technological advancement and extends the existing port access ban to locks to prevent sanctions circumvention.
Exemptions for agricultural exports by Russian state-owned companies were also added to the package in an effort to alleviate the ongoing food crisis, as well as for pharmaceutical and medical products to ensure those purchased from Moscow by developing nations receive the supplies.
"Today, we are taking another important step to curtail Russia's capacity to continue and finance its war of aggression against Ukraine," Josep Borrell, the high representative for EU foreign affairs and security policy, said in a statement.
Ahead of the package passing, Ukrainian President Volodymyr Zelensky said it didn't go far enough, calling on European leaders to ban gas imports from Moscow.
"This is not enough," he said in his nightly address on Wednesday. "Russia must feel a much higher price for the war so that it forces it to seek peace."
He added that the EU's "erroneous" policy concerning Russian gas imports has made it a "hostage" to Moscow.
"While the EU does not dare include gas in the sanctions packages, Russia uses gas for its own sanctions against every European family, literally hitting the family budgets of Europeans with pressure on the energy markets," he said.
The package, technically the EU's seventh, comes after the sixth was passed earlier last month.
In total, 1,158 people, including Putin and others in his inner circle, have been sanctioned by the EU as well as 98 entities.
Late last month, the United States and the other members of the G7 announced a ban on Russian gold.
Democratic nations have repeatedly imposed punitive sanctions against Russia while arming Ukraine after Putin launched his invasion of the country in late February.
