Russian jewelry passes through EU loophole

According to a draft seen by POLITICO, the European Commission set out plans to ban imports of Russian gold excluding jewelry. The document shows that the bloc would ban gold in powder, unwrought or semi-manufactured forms, gold coins and waste or scrap gold. The draft does not list gold in the form of jewelry like gold chains or gold rings. That could leave loopholes that keep money flowing into Kremlin coffers.

The proposal is part of a new sanctions package that introduces stricter reporting for personal asset freezes and tightens export controls. The Commission plans to ban exports to Russia of teargas, fingerprinting ink, police helmets and shields and water cannons that can be used against people.