Russia cranked up its gold production to offset previous international sanctions; now, the U.S. and a group of international allies are cutting off that particular revenue stream in an effort to hamstring Russia’s continued invasion of Ukraine.
The U.S. Treasury Department has issued additional sanctions against Russia, targeting almost 100 entities and individuals, and prohibited import of Russian gold. The latest U.S. action reflects commitments recently reached among the G-7 alliance to prohibit gold imports and target Russia’s industrial base, military and intelligence units and sanctions evaders. To follow up on these commitments, FinCEN and the U.S. Department of Commerce announced their intent to aggressively prosecute any individuals involved in sanctions evasion.
OFAC designated 70 entities, many of which are important to Russia’s defense industry, including Rostec, a key state-owned company in Russia’s defense sector, along with 29 individuals. This latest action is designed to focus sanctions against Russia’s capabilities to develop and deploy weapons and technology used to support Russia’s ongoing war effort.
The U.S. State Department imposed its own sanctions against 45 entities and 29 individuals, including Russian military units and Russia’s Federal Security Service (FSB)….
