Despite the sanctions, Russia successfully trades its gold, but the EU is preparing to tighten restrictions.

Although gold has been sanctioned by the EU and the Big Seven, little-known intermediary companies are finding new buyers in other countries. And now, instead of bulk deliveries to London for storage in the vaults of leading banks such as JPMorgan Chase and HSBC, Russian gold goes in parts to countries such as the UAE, Hong Kong, and Turkey, where there are no restrictions.

At the same time, the EU is preparing an 11th package of restrictions to close these and similar loopholes. Among the proposals is a ban on transporting many goods through Russian territory, Bloomberg reported. The EU is also considering introducing sanctions against ships that turn off their transponders and will blacklist about 30 more individuals.

In addition, the US, Japan, and other countries are preparing their sanctions packages that will be announced at the G7 summit in mid-May.