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Last week, the European Union imposed its seventh round of sanctions on Russia, imposing a range of new restrictive measures. The new sanctions include a ban on dealings in Russian-origin gold, updates to existing sanctions to bolster the effectiveness of those measures, and an expanded list of parties subject to an EU asset freeze.

The EU's "maintenance and alignment" sanctions package imposes a ban on Russia-origin gold that broadly prohibits the direct or indirect import, transfer, or purchase of listed Russian-origin gold products (including jewelry) after July 22, 2022. The ban covers gold and jewelry that are processed in third countries and incorporate listed Russian-origin gold products.

The European Union took a number of other steps to strengthen existing sanctions against Russia, including the following:

The EU's latest package of sanctions expanded its list of designations to include additional 48 individuals and 9 entities. The latest expansion notably includes asset freeze restrictions on Sberbank.

As a reminder, all funds and economic resources belonging to designated individuals and entities shall be frozen under EU law, and those subject to EU jurisdiction are forbidden from making funds directly or indirectly available to designated targets.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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