The US Treasury Department announced on Tuesday that it was banning imports of Russian gold and imposing sanctions on 70 Russian entities and 29 individuals.
This decision applies to gold of Russian origin but does not include gold located outside of Russia before Tuesday.
Gold is Moscow’s biggest non-energy export and Russia is the world’s fourth largest gold exporter with $18.7 billion in 2020, according to the Observatory of Economic Complexity.
Russia is the second largest gold producer in the world with around 10% of the global share, according to the World Gold Council.
The United States said its action was joined by the United Kingdom, Canada and Japan, as announced at the G7 summit on Sunday by US President Joe Biden.
“Broad multilateral commitments and actions by G7 members this week have further cut off the Russian Federation’s access to technology that is critical to their military,” Treasury Secretary Janet Yellen said in a statement. “Targeting the Russian defense industry will degrade (Russian President Vladimir) Putin’s capabilities and further hamper his war against Ukraine, which has already been plagued by poor morale, broken supply chains and logistical failures. “
The designations are in addition to US State Department sanctions against 45 additional entities and 29 individuals, according to the Treasury Department.
One of the main sanctioned entities is the Russian state-owned company Rostec, which operates in the technology, aerospace, automotive, defence, aviation and metals sectors.
Other entities include businesses and subsidiaries in transportation, freight, chemicals, petroleum, rubber, plastics, construction, business services, wholesale, electronics, communications and information security systems.
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