EU Set To Sanction Russian Gold, Chemicals, Machinery

Wires reporting comments from an EU Commission sources stating that the seventh round of sanctions against Russia in response to its invasion of Ukraine is set to include sanctions on the export of Russian gold, chemicals, and machinery.

• Gold represents Russia's biggest non-energy export, however the action is unlikely to have any major ramifications for the country's economy given that European and US markets are already largely closed off due to previous rounds of sanctions, making any ban largely symbolic. Story first reportedyesterday by Euractiv.
• The Euractiv article states that "...the new sanctions package would aim to include closing loopholes to previously approved punitive measures, such as by adding certain products to the list of banned goods. It also could include a reference to the recently published European Commission clarification of sanctioned goods’ transit to Kaliningrad in Russia, some EU diplomats suggested."
• Major wrangling regarding future rounds of sanctions already evident, with Euractiv reporting: "According to the more hawkish among them, this should include a total ban on crude oil imports as well as more measures on gas. Other EU diplomats, however, stress there is no chance for such option, as a number of European countries remain highly dependent on Russian energy imports, especially gas."