The European Union is trying to hit Moscow once again with another round of sanctions in an attempt to financially cripple its war effort in Ukraine, this time hitting Russia’s gold industry. The 28-nation bloc is planning a similar gold ban to the sanctions package announced last week by four G-7 members, including the US, UK, Canada and Japan, as first reported by Bloomberg on Friday. Russia is reportedly the second largest gold mining country in the world and exported around $15 billion worth of gold in 2021. Russian President Vladimir Putin. (Getty Images/Getty Images) EU INSTITUTE MANDATORY GAS STORAGE AHEAD OF POTENTIAL RUSSIAN CUTTING The US Treasury Department said on Tuesday that around 70 entities, including the state-owned company Rostec, which it described as “the cornerstone of Russia’s defence”, were targeted in the sanctions. “The targeting of Russia’s defense industry will be downgraded [Russian President Vladimir] Putin’s capabilities further hamper his war against Ukraine, which is already plagued by poor morale, broken supply chains and logistical failures,” Treasury Secretary Janet Yellen said in a statement. Treasury Secretary Janet Yellen speaks during a virtual roundtable with participants from Black Chambers of Commerce across the country to discuss the American Bailout, Friday, Feb. 5, 2021, from the South Court Auditorium on the White House complex ( (AP Photo/Jacquelyn Martin/AP Newsroom) RUSSIA STORES FOREIGN DEBT FOR FIRST TIME SINCE 1918 AFTER SANCTIONS Germany, France and Italy – the other three G-7 member states – have yet to advance their own sanctions plans, although French officials said they supported such a ban and German Chancellor Olaf Scholz said a proposal was being discussed. . Industry officials reportedly told Bloomberg that the move is largely symbolic at this point, as European markets have effectively severed ties with Moscow following sweeping sanctions early in the war that imposed trade sanctions. Gold prices were higher in early Asian trading on Monday, May 2, 2022, with concerns about increased US inflation driving demand for the safe-haven asset. (REUTERS/Mike Segar/Reuters Photos) CLICK HERE TO READ MORE ABOUT FOX BUSINESS Exports to Kaliningrad, a Russian province located between Poland and Lithuania on the Baltic Sea and with no direct land access to Russia, could also be targeted in the latest EU sanctions package. It is unclear when the next round of sanctions is scheduled to be announced.
