WASHINGTON (Realist English). The US Treasury Department has imposed an embargo on gold imports from Russia, as well as new sanctions against organizations and individuals, the press service of the department reports.
From the moment the decision is made, it is immediately prohibited to import Russian-produced gold into the United States, except on permits issued by the Office of Foreign Assets Control or in cases provided for by law.
The United Kingdom, Canada and Japan joined the embargo of Russian gold. Discussions are also underway in the European Union about sanctions against Russia in the gold trade, but no decisions have been made yet. From Europe, the G7 includes Germany, France and Italy.
The expansion of sanctions is the latest move by the United States and some of its G7 partners aimed at the Russian economy and President Vladimir Putin.
Gold is the largest export commodity of the Russian Federation with the exception of energy carriers. In 2021, Russia exported over 302 tons of gold worth $17.4 billion.
The ban on the import of gold, which has entered into force, will apply to newly mined or refined gold. This does not affect the gold of Russian origin previously exported from Russia. There are no plans to expand restrictions on Russian gold acquired legally before the import ban was imposed.
On March 7, the London Bullion Market Association, which regulates the world’s largest and oldest gold and silver trading market, suspended the work of all six Russian gold miners and refineries.
