The European Commission (EC) offered a new package of sanctions against Moscow, including the embargo on Russian gold imports, and extend them until next January, the EC said in the statement on Friday.

“Therefore, we are proposing today to tighten our hard-hitting EU sanctions against the Kremlin, enforce them more effectively and extend them until January 2023,” EC President Ursula von der Leyen said.

“Today’s package will introduce a new import ban on Russian gold, while reinforcing our dual use and advanced technology export controls. In doing so, it will reinforce the alignment of EU sanctions with those of our G7 partners. It will also strengthen reporting requirements to tighten EU asset freezes,” the European Commission noted.

“The package also reiterates that EU sanctions do not target in any way the trade in agricultural products between third countries and Russia. Likewise, the text clarifies the exact scope of some financial and economic sanctions,” the EC said. “Finally, it is proposed to extend the current EU sanctions for six months, until the next review at the end of January 2023,” it added.

The decision should now be approved by the EU Council and it is expected to take place by the end of July.