- 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.
- Also Read: Russia Imposes New Sanctions That Include Netflix, BlackRock, Delta Air Lines Chiefs
- 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.
- Photo via Wikimedia Commons
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