IMPLEMENTATION LEVEL

Supranational

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
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Inception date: 22 Jul 2022 | Removal date: open ended

Import ban

On 21 July 2022, the European Union adopted Council Regulation (EU) 2022/1269 prohibiting the import or purchase, directly or indirectly, of Russian gold. The affected tariff subheadings are those falling under chapters 7208, 7113, and 7114, in addition to subheadings 7112.91 and 7118.90. The measure enters into force the day following its publication on the official gazette. 

In particular, the import ban was introduced via a modification of Regulation (EU) No 833/2014 which set sanctions in the context of the Crimea conflict. The affected products were added as two new annexes to this regulation, namely Annex XXVI and Annex XXVII. The measure comes after other G7 Members imposed similar restrictions (see related state acts). 

The regulation also includes an extension of the import ban list (see related interventions).

In this context, the EU's High Representative for Foreign Affairs and Security Policy, Josep Borrell, noted: "Today’s “maintenance and alignment” package introduces a new prohibition to purchase, import, or transfer, directly or indirectly, gold, if it originates in Russia and it has been exported from Russia into the EU or to any third country after. This prohibition also covers jewellery". 

EU's sanctions on Russia

On 21 July 2022, the EU passed a series of measures targeting the Russian Federation for the recognition of non-government-controlled areas of the Donetsk and Luhansk oblasts of Ukraine as independent entities, and the subsequent decision to send Russian troops into these areas. The package also includes further trade and financial restrictions against Russian and other sanctions targeting Syria (see related state acts). 

AFFECTED COUNTRIES

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AFFECTED SECTORS AND PRODUCTS

382 Jewellery & related articles
7113 Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal.
711311 Of silver, whether or not plated or clad with other precious metal
711319 Of other precious metal, whether or not plated or clad with precious metal
711320 Of base metal clad with precious metal
7114 Articles of goldsmiths' or silversmiths' wares and parts thereof, of precious metal or of metal clad with precious metal.
711411 Of silver, whether or not plated or clad with other precious metal
711419 Of other precious metal, whether or not plated or clad with precious metal
711420 Of base metal clad with precious metal
393 Metal wastes or scraps
7112 Waste and scrap of precious metal or of metal clad with precious metal; other waste and scrap containing precious metal or precious metal compounds, of a kind used principally for the recovery of precious metal.
711291 Of gold, including metal clad with gold but excluding sweepings containing other precious metals
413 Basic precious metals & metals clad with precious metals
7108 Gold (including gold plated with platinum) unwrought or in semimanufactured forms, or in powder form.
710811 Powder
710812 Other unwrought forms
710813 Other semimanufactured forms

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