New sanctions published – Russian gold added to the list of import sanctions

The EU has imposed new sanctions on Russia. These sanctions extend and specify previously imposed sanctions and include new provisions on their implementation. The sanctions include a ban on imports of Russian gold to the EU.

On 21 July 2022, the European Union imposed new sanctions on Russia in response to its invasion of Ukraine. The new sanctions extend and specify the export sanctions on products that contribute to the enhancement of Russian industrial ability as well as on high technology and include new provisions on their implementation. As the implementing authority, Finnish Customs’ tasks include enforcing the sanctions on imports and exports agreed at EU level.

The new sanctions include a ban on imports of gold and refined gold products from Russia to the EU. The sanctions also apply to jewellery as well as to articles of goldsmiths' or silversmiths' wares. Travellers can, however, bring in such products if they own the products and the products are not intended for sale.

Gold is one of Russia’s largest exports after energy. In January–May 2022, there have been no imports of gold from Russia or imports of gold of Russian origin.

The new EU sanctions were published in the Official Journal of the European Union on 21 July 2022.

Press release by the Ministry for Foreign Affairs (21 July 2022): New EU sanctions on Russia now in force