US Expands Russian Sanctions With Ban On Gold Imports

Author: Akanksha Bakshi | June 29, 2022 07:39am

The United States has banned Russian gold imports, increasing sanctions against the country following the Kremlin's invasion of Ukraine in February, the U.S. Treasury Department said.
The official ban on new Russian gold imports comes as Russia's invasion of Ukraine enters its fourth month.
Gold is Russia's second most valuable export after energy, and it "rakes in tens of billions of dollars," tweeted President Biden.
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The Treasury also blacklisted 70 groups, many of which are integral to Russia's defense industry sector, including state-owned defense conglomerate Rostec and 29 Russians, the Wall Street Journal reported.
According to data compiled by Adam M. Smith, a partner at law firm Gibson, Dunn & Crutcher LLP, the Treasury's Office of Foreign Assets Control, which implements U.S. sanctions, has sanctioned 1,207 entities and individuals since Feb. 22.
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